Chainlink, a decentralized oracle network provider, has announced the integration of its Cross-Chain Interoperability Protocol (CCIP) with Base, a layer-2 blockchain maintained and developed by Coinbase and secured via the Ethereum network.
According to a press release shared with CryptoDaily, the integration aims to provide developers on the Base platform with enhanced capabilities to design and execute cross-chain applications and services.
#Chainlink CCIP is now live on @BuildOnBase mainnet!Discover how CCIP is empowering apps built on Base to scale faster and connect to Web3's rapidly expanding multi-chain ecosystem ??https://t.co/AbiGprCx1J
— Chainlink (@chainlink) September 27, 2023
CCIP has been designed to offer blockchain developers a secure interface, facilitating the development of applications capable of transmitting messages, conducting token transfers, and triggering actions across multiple blockchain platforms. The security and functionality of CCIP are underpinned by Chainlink's decentralized oracle networks, which have a documented history of handling vast sums, both in terms of securing assets and managing on-chain transactions.
Johann Eid, Chief Business Officer at Chainlink Labs, commented on the collaboration, stating that the combined strengths of Base and Chainlink would provide developers with a conducive environment for cross-chain applications and services.
"Base and Chainlink are both building on the forefront of blockchain development as we work to bring the next wave of millions of new users into our industry. The scalability and technological creativity of Base as a layer 2 solution, combined with an ever increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services," shares Eid.
Base, designed as an Ethereum L2 solution, possesses the attributes of security, stability, and scalability, making it an apt choice for decentralized application (dApp) deployment. It allows seamless project deployment of any EVM-based protocol or execution layer and facilitates easy user onboarding and asset transition from Ethereum L1, Coinbase, and other blockchain platforms that support interoperability. Notably, several projects, including Raft, Nuon, Folks Finance, and Polychain Monsters, are in the process of integrating Chainlink's CCIP from within the Base environment.
Speaking on this development, Jesse Pollak, creator of Base, expressed enthusiasm regarding the enhanced capabilities this integration would bring to developers, emphasizing the potential for further cross-chain experimentation, claiming that the integration would "let developers securely build cross-chain applications, empowering them to experiment further and unlock new use cases," among other implementations.
Chainlink's CCIP made headlines with its Mainnet Early Access launch earlier in July. It witnessed integrations from significant names in the decentralized finance (DeFi) sector, such as Synthetix and Aave. In August, Chainlink's Price Feeds became available on Base, offering developers a range of Chainlink Web3 services, including their industry-standard Data Feeds.
The two have also collaborated earlier this year, with Base integrating Chainlink's oracle services for off-chain feeds. Chainlink and Coinbase also have a concurrent partnership for cloud services, with Coinbase Cloud designated as a node operator for Chainlink.
Chainlink has made strategic inroads in the Web3 services sector, facilitating transaction volumes across a multitude of sectors, from DeFi and on-chain finance to gaming and NFTs. The company's decentralized oracle network focus has been on equipping developers to develop feature-rich Web3 applications with access to real-world data and computations across any blockchain platform.
Disclaimer: This article is provided for informational purposes only. It is not intended as legal, tax, investment, financial, or other advice.
