Chainlink’s Cross-Chain Protocol Goes Live

Chainlink, a pioneering project focused on using oracles to bring real-world data onto the blockchain and use it for commercial purposes, has been working on a way to bring its hard-earned and reputable data to partner projects for some time now.

After a long wait, the developers at Chainlink have announced the launch of CCIP, Cross-Chain Interoperability Protocol.

At the moment, CCIP is available on major networks of target protocols only in the invitation-based early access system – but not for long.

Testnet is available soon

CCIPs mainnet launches on the Ethereum, Polygon, Avalanche and Optimism blockchains are already in use by teams at Synthetix and BGD Labs, who are using the Chainlink network to overcome the limitations of traditional cross-chain bridges.

1/ CCIP is officially launched on the Avalanche, Ethereum, Optimism and Polygon mainnets.#LinkTheWorld pic.twitter.com/SdLVyaapg3

– chainlink July 17, 2023

For non-partner projects, CCIP will be made available on these testnets on July 20th. In the meantime, developers looking to integrate dApps with Chainlink can sign up for early access and get a check on the project’s website.

Setting new standards

According to Chainlink co-founder and acting CEO Sergey Nazarov, the project hopes that CCIP will become the new gold standard for cross-chain interoperability. In a press release celebrating the launch, he likened CCIP to the TCP/IP standard that made the Internet as we know it possible.

“Just as key standards like TCP/IP recreated an early, fragmented Internet into the single, global Internet we all know and use today, we are making CCIP to connect the fragmented public blockchain landscape and growing blockchain ecosystem into a single Internet of Contracts.”

However, Nazarov too compressed He and his team hope other developers will find ways to improve the infrastructure he and his team have built.

In order to facilitate further development of the protocol, Chainlink is giving developers the option to build their own cross-chain solutions on top of CCIP using arbitrary messaging and simplified token transfers — both of which will be backed up by the data that has so far enabled more than $8 trillion of value to be transferred across. Series.

Developers using CCIP will also benefit from the Active Risk Management (ARM) network, which is an independent and lightweight network built specifically to add an extra layer of security to CCIP.

“ARM is a separate, independent network that constantly monitors and verifies the behavior of the underlying CCIP network, providing an additional layer of security by independently verifying cross-chain operations. The ARM network uses a separate, limited implementation of the Chainlink node software rust.”

The sudden announcement increased LINK’s market capitalization. The price of the Chainlink token has increased by more than 6% over the past 24 hours, according to CoinGecko, which has led to a steady increase in value over the past month.