Business News Report
September 21, 2023

Chainlink Integrates with Arbitrum for Web3 Interoperability and Cross-Chain DApp Development

In Brief

Chainlink and Arbitrum have launched the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One, an advancement in Web3 interoperability.

The protocol empowers Web3 developers with a secure and user-friendly interface, allowing them to build applications that can communicate, exchange tokens, and initiate actions across different blockchains.

Chainlink Integrates with Arbitrum for Web3 Interoperability and Cross-Chain DApp Development

Web3 services platform Chainlink and Arbitrum, the Ethereum layer 2 scaling solution suite for dApp development, unveiled the mainnet debut of the Chainlink’s Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One. 

The development allows Web3 developers to connect, transfer tokens, and initiate actions across blockchains, enhancing accessibility in the Ethereum ecosystem.

According to Chainlink, the CCIP provides a secure and user-friendly interface for Web3 developers. It empowers them to construct applications capable of communicating, token exchange, and triggering actions across diverse blockchains. In summary, CCIP on Arbitrum One enhances Web3 interoperability and extends the functionality of Ethereum’s layer 2 solutions.

The interoperability protocol also leverages Chainlink’s decentralized oracle networks, known for securing billions of dollars in transactions and facilitating trillions of dollars in on-chain value.

“Layer 2s like Arbitrum play an important role in offloading transaction congestion and enabling developers to constructively build in the Ethereum ecosystem, ” said Johann Eid, Chief Business Officer at Chainlink Labs, in a statement. “CCIP now gives these users access to a highly secure and easy-to-use interoperability protocol built on Chainlink’s time-tested infrastructure, powering cross-chain smart contracts in a way that will open up new avenues of growth, accessibility, and innovation.”

Arbitrum One — an optimistic rollup for Ethereum, offers high-throughput, cost-effective dApps. Chainlink said by combining CCIP with Arbitrum One’s ecosystem, developers can unlock cross-chain tokenized assets, gaming, data storage, and more.

The company asserts that several projects, including BetSwirl, Galaxis, Stafi, Raft, Polychain Monsters, and others, are already integrating Chainlink CCIP on Arbitrum.

The launch of CCIP on Arbitrum follows the successful Mainnet Early Access debut with DeFi leaders Synthetix and Aave. In addition, Swift collaborated with Chainlink and numerous financial institutions on experiments demonstrating the seamless transfer of tokenized value across multiple blockchains.

In July, Chainlink launched CCIP on Ethereum, Optimism, Polygon, and Avalanche, which led to Chainlink’s native token, LINK, surging by 20% in its price within 24 hours, from $6.81 to $8.17.

Chainlink co-founder Sergey Nazarov highlighted CCIP’s potential to merge institutional and public blockchain DeFi ecosystems into a single on-chain financial system, securing the value of the Internet of Contracts. He emphasized the vast potential for trillions of dollars to enter the blockchain ecosystem and the need for secure and reliable facilitation.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
SSV Network Announces ‘Alan’ Scaling Upgrade For Mainnet On November 25
News Report Technology
SSV Network Announces ‘Alan’ Scaling Upgrade For Mainnet On November 25
November 22, 2024
Gate Ventures Welcomes Laura K. Inamedinova As Principal, Establishing Fund’s Strategic Presence In MENA Region
Business News Report Technology
Gate Ventures Welcomes Laura K. Inamedinova As Principal, Establishing Fund’s Strategic Presence In MENA Region
November 22, 2024
CoinList And Sui Introduce SuiHub Global Accelerator, Accepting Applications Until January 10
News Report Technology
CoinList And Sui Introduce SuiHub Global Accelerator, Accepting Applications Until January 10
November 22, 2024
Printemps: First Department Store Network In Europe To Accept Crypto Payments Via Binance Pay And Lyzi
News Report Technology
Printemps: First Department Store Network In Europe To Accept Crypto Payments Via Binance Pay And Lyzi
November 22, 2024