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