The Celo Foundation is pleased to share that Chainlink CCIP is now live on the Celo network, an emerging Ethereum Layer-2 and mobile-first blockchain built for the real world and designed for fast, low-cost payments worldwide.
Chainlink’s interoperability solution provides “the Celo ecosystem with unparalleled levels of cross-chain security and reliability, along with multiple cross-chain token transfer mechanisms, including burn/mint, lock/unlock, and lock/mint, supporting a range of use cases and applications.”
As various real-world assets (RWAs) are tokenized and liquidity flows between chains, secure interoperability powered by CCIP positions Celo and its ecosystem “to remain at the forefront of onchain innovation.”
Following approval from the Celo community, Celo previously “joined the Chainlink SCALE program, gaining expert technical support and enhanced access to Chainlink services.”
CCIP provides cross-chain infrastructure that “has enabled over $10.5 trillion in transaction value, all while maintaining the highest levels of security and reliability. CCIP achieves the fifth and highest level of cross-chain security.”
Playing a key role in CCIP’s security is the Risk Management Network — a separate, independent network “that continually monitors and verifies cross-chain operations for erroneous activity.”
This defense-in-depth approach is mission-critical “for supporting a secure, interoperable ecosystem as over $2.8 billion has historically been exploited due to unsecure and unreliable cross-chain infrastructure.”
Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs said:
“We’re excited for Celo to natively integrate Chainlink CCIP as its canonical cross-chain infrastructure. 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.”
Eric Nakagawa, Executive Director at the Celo Foundation, said:
“Canonical cross-chain infrastructure can accelerate the long-term growth and adoption of the Celo ecosystem. 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.”
As covered, Chainlink claims that it is “the industry-standard decentralized computing platform powering the verifiable web.”
Chainlink has enabled over $10 trillion “in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.”
Celo is an emerging Ethereum Layer-2 and mobile-first blockchain network “built for the real world and designed for fast, low-cost payments worldwide.”
The Celo ecosystem consists of “a decentralized, proof-of-stake blockchain technology stack (the Celo Platform), the CELO native token, USDC and USDT (both enabled as gas currencies), several Mento stable assets (cUSD, cEUR, cREAL, eXOF), and popular, blue chip infrastructure including Uniswap V3, Curve, Chainlink, and Rarible, among others.”
Launched on Earth Day in 2020, the open-source Celo mainnet “supports a rich ecosystem of projects (1,000+) contributing to Celo’s global mission of prosperity for all.”
