Chainlink launches cross-chain interoperability protocol on Arbitrum One

Chainlink and Arbitrum have announced the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One.

This collaboration aims to empower Web3 developers with a seamless and secure solution for building cross-chain applications that can send messages, transfer tokens, and initiate actions across different blockchains.

“Powering cross-chain smart contracts in a way that will open up new avenues”

At the core of the CCIP lies the robustness of Chainlink decentralized oracle networks, known for their proven track record of securing substantial sums of assets and facilitating over $8 trillion in on-chain transaction value. Leveraging Chainlink’s time-tested oracle infrastructure, the CCIP was meticulously designed with a focus on developer-friendliness and embedded security through the Risk Management Network.

Johann Eid, Chief Business Officer at Chainlink Labs, emphasized the importance of layer 2 scaling solutions like Arbitrum in easing Ethereum’s transaction congestion and fostering a conducive environment for developers. He said, “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.”

Arbitrum One, an optimistic rollup for Ethereum, is renowned for enabling high-throughput, low-cost decentralized applications (dApps). The integration of CCIP into the Arbitrum One ecosystem offers developers the ability to construct cross-chain dApps with Arbitrary Messaging and Simplified Token Transfers, making asset composability on the Arbitrum network more accessible and efficient.

Swift working with Chainlink

The combination of CCIP with Arbitrum One’s ecosystem presents a wealth of possibilities for developers, ranging from cross-chain tokenized assets and collateral to gaming, data storage, and computation. Several projects, including BetSwirl, Galaxis, Stafi, Raft, Polychain Monsters, and more, are already integrating Chainlink CCIP on Arbitrum, underscoring the protocol’s practicality and appeal.

In July, CCIP marked its debut on Mainnet Early Access, with industry leaders such as Synthetix and Aave as early adopters. Swift, the global provider of secure financial messaging services, also ventured into collaborative experiments with Chainlink and numerous financial institutions and market infrastructure providers. These experiments illustrated that Swift’s infrastructure could smoothly facilitate the transfer of tokenized value across multiple public and private blockchains, further validating the potential of CCIP.

The mainnet launch of Chainlink CCIP on Arbitrum One signifies a momentous step towards advancing interoperability within the Web3 space. With Chainlink’s exceptional reputation and Arbitrum’s efficiency, this collaboration has the potential to revolutionize how Web3 developers create interconnected applications that transcend the limitations of individual blockchains.