Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Now Live on Base Network

Chainlink CCIP Launches on Base Network
Table of Contents

Chainlink, the creators behind Chainlink (LINK), has successfully integrated its Interoperability Protocol, Chainlink CCIP, onto Base, a new layer-2 blockchain incubated by the Coinbase crypto exchange. This move, announced in a press release on September 27, opens up a world of possibilities for developers, enabling them to harness the power of cross-chain applications and services.

Chainlink CCIP Launches on Base Network

This Chainlink CCIP integration on the Base network empowers developers to create decentralized applications (dApps) capable of hosting multiple networks simultaneously, facilitating token transfers across chains, and initiating transactions through the use of smart contracts.

The CCIP protocol leverages Chainlink’s renowned Oracle network, which has already facilitated transactions worth an astounding $8 trillion in on-chain value. This partnership between Chainlink and Base exemplifies their shared commitment to driving adoption within the crypto ecosystem through innovative products and services.

Johann Eid, Chief Business Officer at Chainlink Labs, lauded the collaboration, emphasizing the potential for CCIP and Base to usher in a new era of cross-chain applications and services.

“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,” Eid stated.

Moreover, Jesse Pollak, the creator of Base, shared his excitement about the integration, highlighting how it empowers developers and blockchain enthusiasts to explore new use cases.

Chainlink CCIP Launches on Base Network

Integration Milestones in Just Three Months

Chainlink has consistently embraced innovation to expand its Oracle services across various smart contracts. CCIP’s introduction added cross-chain lending capabilities to the platform, enabling users to borrow and lend virtual assets across diverse networks.

This protocol has been on a rapid integration journey, with Base marking its sixth network incorporation in less than three months. Prior to this milestone, the protocol had already been integrated into Ethereum, Arbitrum, Optimism, Polygon, and Avalanche.

Moreover, CCIP’s impact extends beyond just the cryptosphere. Last month, Chainlink made headlines by collaborating with Swift, a prominent interbank messaging service. Together, they successfully demonstrated blockchain interoperability, connecting traditional financial networks with blockchain technology.

The Chainlink project also addressed concerns about centralization by making low-key changes to its multi-signature setup. The network explained that this adjustment was part of its regular signer rotation process.

The integration of Chainlink CCIP onto Base serves as a significant milestone in the evolution of cross-chain interoperability. Developers now have a powerful tool at their disposal to build the next generation of cross-chain applications and services. It promises developers a secure, user-friendly interface for building apps that can communicate, transfer tokens, and execute actions across different blockchains.


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews