Chainlink(LINK), a decentralized oracle network, has announced the implementation of its Cross-Chain Interoperability Protocol (CCIP) on Coinbaseโs Ethereum layer-2 scaling solution, Base.
This development offers Base developers a method to devise cross-chain services and applications, enhancing the capability to transmit messages, handle token transfers, and process other transactions across varied blockchain systems.
CCIPโs technology is rooted in Chainlinkโs oracle networks.
Chainlink Labs, the developer, posits that these networks have successfully safeguarded billions in assets and processed over $8 trillion in on-chain transactions.
Johann Eid, Chainlink Labsโ chief business officer, emphasized the combined potential of Baseโs scalability and Chainlinkโs expanding suite of services, saying, โBase and Chainlink aim to lead blockchain innovation, ushering in an influx of users. Together, their synergies can revolutionize cross-chain services and applications.โ
Numerous projects, including Raft, Nuon, Folks Finance, and Polychain Monsters, are already incorporating Chainlinkโs CCIP into the Layer 2. Notably, Chainlinkโs price feeds were integrated into Base as of March 3 this year.
Coinbaseโs protocols lead, Jesse Pollak, who was instrumental in Baseโs launch, expressed enthusiasm about CCIPโs debut on Base. He emphasized the protocolโs potential to inspire developers and unlock novel applications.
The Base mainnet was unveiled to the public on Aug. 9 allowing developers to roll out applications. This eased the transition of users and assets from Ethereum(ETH), Coinbase, and other compatible chains.
Chainlink has been aggressive in its cross-chain outreach. It previously introduced CCIP on platforms like Arbitrum, Avalanche, Ethereum, Optimism, and Polygon. Notably, major decentralized finance platforms, including Synthetix and Aave, have embraced CCIP to bolster their cross-chain transactions.
A distinguishing feature of Chainlinkโs CCIP is its approach to cross-chain bridges. Bypassing the conventional token-wrapping model, CCIP employs smart contracts interacting with โaudited token poolsโ on varied chains, promoting fluid inter-blockchain operations.
In late August, Swift, a global financial communication titan, confirmed the successful integration of its systems with Chainlinkโs protocol, bridging traditional and blockchain financial realms.
