TL;DR
- Celo has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Aims to enhance the security and reliability of its layer 2 blockchain ecosystem on Ethereum.
- The introduction of the Risk Management Network. An independent network that monitors cross-chain operations to prevent malicious activities.
- The implementation of CCIP has facilitated over $10.5 billion in transaction value, achieving the highest level of security across chains.
Celo, a layer 2 blockchain on Ethereum, has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This integration aims to enhance the security and reliability of its ecosystem, providing developers and users with a robust solution for cross-chain operations.
The Celo community has endorsed this integration through their prior participation in Chainlink’s SCALE program. The strategic alliance provided Celo with advanced technical support and improved access to Chainlink’s offerings.
📰 Breaking news: @Chainlink's CCIP is now live on Celo!
The solution enhances cross-chain security & brings additional asset transfer mechanisms for seamless transactions across networks ⛓️
🧵 Keep reading for how this integration benefits builders & users alike ↓ pic.twitter.com/RFtisWmVR1
— Celo 🦇 🌳 (@Celo) May 29, 2024
Chainlink’s CCIP offers various token transfer mechanisms, such as burn/mint and lock/mint, facilitating the creation of diverse applications and use cases. The implementation of CCIP on Celo has already facilitated over $10.5 billion in transaction value, achieving the highest level of security across chains.
Furthermore, the Risk Management Network is introduced. An independent network that monitors cross-chain operations to prevent malicious activities. This is crucial, as the industry has seen over $2.8 billion lost in exploits due to insecure interoperability infrastructures.
Celo Sets Standards in Security and Interoperability
Eric Nakagawa, CEO of Celo, argues that integration with Chainlink is crucial for the long-term growth and adoption of the ecosystem. CCIP is the only interoperability solution reaching level 5 security across chains, providing an excellent option for developers, founders, and the community at large.
On the other hand, Chainlink has also been involved in other significant blockchain industry projects. It recently concluded a pilot project with the Depository Trust and Clearing Corporation (DTCC) called Smart NAV. This project involved major firms like JPMorgan, Franklin Templeton, BNY Mellon, and State Street. Who explored a digital extension of DTCC’s Mutual Fund Profile Service (MFPS I). To leverage distributed ledger technology (DLT) for data disclosure and consumption.
The union of Chainlink and Celo will bring a significant advancement in interoperability in the blockchain industry. It will also strengthen security and reliability.
