Chainlink’s Cross Chain Protocol Goes Live On Base: Here’s The Latest
Blockchain oracle network Chainlink has integrated its Cross-Chain Interoperability Protocol (CCIP) on the Coinbase layer 2 network, Base.
According to a Sept 27 press release, the cross-chain interoperability protocol is now live on Base giving the network’s developers access to the whole structure for building web3 products and services.
With the integration, creators can utilize smart contracts to build decentralized applications (dApps) that can host multiple networks at once, sending messages transferring tokens across chains, and initiating transactions.
The protocol relies on Chainlink’s oracle network with a developer’s claim of facilitating transactions worth a total of $8 trillion in on-chain value.
Johann Eid, Chief Business Officer at Chainlink Labs hailed the partnership as both firms have utilities drive more adoption in the crypto ecosystem leveling on their innovative products in the last few months.
“With CCIP now live on Base, developers have access to the leading interoperability protocol to easily build cross-chain applications and services. Base and Chainlink are both building on the forefront of blockchain development as we work to bring the next wave of millions of new users into our industry. The scalability and technological creativity of Base as a layer 2 solution, combined with an ever-increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services.”
On his part, Jesse Pollak the creator of Base described the integration as a move to enable developers to unlock new use cases. “We’re excited about the launch of CCIP on Base to let developers securely build cross-chain applications, empowering them to experiment further and unlock new use cases,” he added.
Chainlink’s new changes can spur growth
The platform has always maintained a positive approach to innovation to expand its Oracle service to many smart contracts.
The development of the CCIP introduced cross-chain lending on the platform giving access to lending and borrowing of virtual assets that are hosted on diverse networks.
The CCIP was announced in July and has added Base as its sixth network in less than three months. Previously, the protocol has been integrated into Ethereum, Arbitrum, Optimism, Polygon, and Avalanche.
Last month, interbank messaging service Swift announced that it has successfully conducted blockchain interoperability leveraging Chainlink’s technology with multiple organizations.
Both firms were able to partner in sending tokenized assets according to various chains in a bid to link traditional finance networks with the blockchain.
This week, Chainlink addressed centralization on the low-key change to its multisig concerns explaining that the network is constantly updating and noting that the reduction was a part of the standard signer rotation.
“As part of a periodic signer rotation process, the multi-signature Gnosis Safes used to help ensure the reliable operation of Chainlink services were updated. The rotation of signers was completed, with the Safes maintaining their regular threshold configuration.”