Blockchain oracle platform Chainlink is making an important move today. Accordingly, it is taking an important step by extending its cross-chain capabilities to Base, the Ethereum Layer-2 network incubated by Coinbase. This move is likely to improve Base’s interoperability and functionality. It is also expected to open the door to a wider range of applications.
Chinlink and CCIP protocol integration
Chainlink introduced the Cross-Chain Interoperability Protocol (CCIP) at Base, which serves as a key cross-chain communication protocol that bridges various blockchains and traditional Web2 applications. Specifically, this protocol facilitates cross-chain applications that can pass messages, transfer tokens, and initiate actions between different blockchain networks.
Chainlink’s role goes beyond protocol integration. It also provides reliable data streams for smart contracts and decentralized applications (dApps). Thus, it functions as the primary oracle for the Base network.
Growing ecosystem adoption
Encouragingly, several projects quickly realized the potential of CCIP on Base. Startups such as Raft, Nuon, Folks Finance and Polychain Monsters, among others, are actively integrating CCIP into their operations. This marks a positive development for the Base network and Chainlink. On the other hand, it shows its increasing influence in the blockchain ecosystem.
Chainlink Labs Chief Operating Officer Johann Eid makes important statements on the subject. This highlights the importance of integration. He says it also gives developers easy access to the leading interoperability protocol. He states that this allows them to create cross-chain applications and services seamlessly. This move is expected to spur innovation and discovery of new use cases in the blockchain industry.
An important stage for Chainlink
Base creator Jesse Pollak expresses optimism about the launch. Accordingly, it highlights how it empowers developers to securely build cross-chain applications, encouraging experimentation and discovery of new applications. Chainlink introduced the CCIP protocol in July this year. It also quickly integrated Ethereum, Avalanche, Polygon, Arbitrum, and Optimism. On the other hand, the last addition was Base. This expansion reflects Chainlink’s commitment to increasing the interoperability of its blockchain.
As Kriptokoin.com, CCIP has been successfully implemented in ten applications since its inception. Accordingly, he earned an income exceeding $86,000. Additionally, Chainlink is taking important steps in bridging the gap between traditional financial institutions and blockchain networks by experimenting with SWIFT-based payments. The integration of CCIP into Base reaffirms Chainlink’s position as a leading player in the blockchain oracle space. It also fosters innovation and unlocks cross-chain collaboration in the crypto environment. Following the development, there was an increase of nearly 5% in the LINK price. LINK is currently trading at $7.80.
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