Celo integrates Chainlink's CCIP to boost cross-chain functionality
Chainlink's CCIP secures Celo's cross-chain transactions with top-tier security.
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Ethereum layer-2 blockchain Celo has announced today the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for multichain functionality. According to the announcement, this movement brings a high level of security and reliability to Celo’s ecosystem.
The Celo community’s endorsement has been pivotal, previously leading to Celo’s participation in the Chainlink SCALE program. This collaboration provided Celo with advanced technical support and improved access to Chainlink’s offerings.
“We’re excited for Celo to natively integrate Chainlink CCIP as its canonical cross-chain infrastructure,” said Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs. “Secure interoperability powered by CCIP will empower Celo developers and users to take full advantage of the multi-chain landscape and accelerate the adoption of Celo and its ecosystem.”
Chainlink’s CCIP offers a variety of token transfer mechanisms, such as burn/mint and lock/mint, facilitating diverse applications and use cases. CCIP’s implementation on Celo has already facilitated over $10.5 trillion in transaction value, achieving the highest tier of cross-chain security.
The integration also introduces the Risk Management Network, an independent network that monitors cross-chain operations to prevent erroneous activity. This is crucial as the industry has seen over $2.8 billion exploited due to insecure cross-chain infrastructures.
“Canonical cross-chain infrastructure can accelerate the long-term growth and adoption of the Celo ecosystem,” Eric Nakagawa, Executive Director at Celo. “As the only interoperability solution achieving level 5 cross-chain security, CCIP provides a great option for developers, founders, and the wider community to consider and adopt.”
Another recent development involving Chainlink and an Ethereum layer-2 blockchain was the integration of the Functions services by Base. Functions allow smart contract developers to access trust-minimized compute infrastructure.
Moreover, Chainlink recently concluded a pilot project with the Depository Trust and Clearing Corporation (DTCC) called Smart NAV, as reported by Crypto Briefing. Smart NAV included participants such as JPMorgan, Franklin Templeton, BNY Mellon, and State Street, who explored a digital extension to DTCC’s Mutual Fund Profile Service (MFPS I) to leverage distributed ledger technology (DLT) for data dissemination and consumption.
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