Chainlink, the industry-standard Web3 services platform, and Arbitrum, the most widely used layer 2 scaling solution suite for Ethereum dApp development, have announced today the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One.
CCIP provides Web3 developers “with a secure, easy-to-use interface to build secure applications that can send messages, transfer tokens, and initiate actions across blockchains.
The protocol is powered by Chainlink decentralized oracle networks, “which have a proven track record of securing tens of billions of dollars and enabling over $8 trillion in on-chain transaction value. CCIP was designed with ease of use for developers in mind, embedding robust security into the protocol through the Risk Management Network, and being underpinned by Chainlink’s time-tested oracle infrastructure.”
Arbitrum One is an optimistic rollup for Ethereum “that powers high-throughput, low-cost dApps. CCIP provides developers with the ability to build their own cross-chain dApps using Arbitrary Messaging and provides Simplified Token Transfers, a plug-and-play solution to enhance composability around assets on the Arbitrum network.”
By combining CCIP with Arbitrum One’s ecosystem, developers can “use CCIP to unlock a variety of use cases, such as cross-chain tokenized assets, collateral, gaming, data storage and computation.”
Projects including BetSwirl, Galaxis, Stafi, Raft, Polychain Monsters and others are integrating Chainlink CCIP on Arbitrum.
In July, CCIP went live on Mainnet Early Access “with DeFi Leaders Synthetix and Aave as early adopters, while Swift collaborated with Chainlink and over a dozen financial institutions and financial market infrastructure providers on a new series of experiments, which show that Swift’s infrastructure can seamlessly facilitate the transfer of tokenized value across multiple public and private blockchains.”
As noted in the update, Chainlink says it is “the industry-standard Web3 services platform. It has enabled trillions of dollars in transaction volume across DeFi, on-chain finance, gaming, NFTs, and other major industries.”
As the decentralized oracle network, Chainlink empowers developers “to build feature-rich Web3 applications with seamless access to real-world data, off-chain computation, and cross-chain interoperability across any blockchain, providing global enterprises with a universal gateway to all blockchains.”
The Arbitrum Foundation, founded in March 2023, “supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum. Arbitrum One—a Ethereum Layer-2 scaling solution initially developed by Offchain Labs—offers ultra-fast, low-cost transactions with security derived from Ethereum through Optimistic Rollup technology.”