Gareth Jenkinson10 hours agoChainlink hits Ethereum layer-2 Arbitrum for cross-chain DApp developmentChainlink’s CCIP protocol has launched on Ethereum layer 2 Arbitrum One to help developers build cross-chain decentralized applications.1625 Total views34 Total sharesListen to article 0:00NewsJoin us on social networksBlockchain oracle network Chainlink has tapped into Ethereum layer-2 scaling protocol Arbitrum to drive cross-chain decentralized application development.
The two protocols announced the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One on Sept. 21, giving developers access to Chainlink’s solution, which taps into Arbitrum’s high-throughput, low-cost scaling.
The combination of CCIP and Arbitrum One’s ecosystem aims to unlock a myriad of use cases, including cross-chain tokenization and collateralization, blockchain gaming, data storage and computation.
Chainlink Labs chief business officer Johann Eid commented on the partnership, highlighting Arbitrum’s role in offloading transaction congestion from Ethereum’s base layer and providing a base to build decentralized applications (DApps).“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.”
The integration will marry Arbitrum’s optimistic rollup technology that currently commands around 60% of total value locked in the wider Ethereum layer 2 ecosystem. Arbitrum facilitates fast, low-fee transactions that are batched off-chain and then submitted to Ethereum’s base layer.
The optimistic rollup is assumed to be valid until proven otherwise by validators of the network.
Meanwhile, CCIP allows developers to build cross-chain DApps that use arbitrary messaging and simplified token transfers. This taps into Chainlink’s decentralized oracle network that enables smart contracts to securely access off-chain data sources, APIs and payment systems.
Related: Blockchains need an interoperable standard to evolve, say crypto execs
The protocol allows smart contracts to interact with real-world data and events, making it possible for them to be triggered by data from external sources.
StarkWare, another prominent Ethereum scaling technology firm, previously tapped into Chainlink’s oracle services. As Cointelegraph previously reported, StarkWare’s zero-knowledge proof rollup protocol StarkNet integrated Chainlink’s data and price feeds for its ecosystem in February 2023.
Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: NFT collapse and monster egos feature in new Murakami exhibition# Ethereum# Adoption# Chainlink# DeFi# Layer2# zk-Rollup# ArbitrumAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning NetworkHow to buy Bitcoin with VenmoSky-high interest rates are exactly what the crypto market needs