Chainlink Launches Cross-Chain Interoperability Protocol On Ethereum, Optimism, Polygon, Avalanche Blockchains

Chainlink (CRYPTO: LINK), a leading Web3 services platform, announced the launch of its Cross-Chain Interoperability Protocol (CCIP) on the Ethereum (CRYPTO: ETH), Optimism (CRYPTO: OP), Polygon (CRYPTO: MATIC) and Avalanche (CRYPTO: AVAX) blockchains.

The protocol, which is designed to facilitate the development of cross-chain applications and services, is being adopted by major DeFi protocols such as Synthetix (CRYPTO: SNX) and Aave (CRYPTO: AAVE).

CCIP provides developers with the flexibility to build their own cross-chain solutions and enables protocols to transfer tokens across chains quickly and securely.

Sergey Nazarov, co-founder of Chainlink, stated CCIP offers a platform for building applications that can operate securely across any blockchain.

Synthetix, a DeFi protocol that provides a liquidity layer for on-chain derivatives and financial instruments, integrated Chainlink's CCIP into its Synth Teleporter feature.

This feature allows users to transfer Synth liquidity between chains by burning sUSD on the source chain and minting an equivalent amount on the destination chain.

Aave, a lending protocol, is also integrating Chainlink's CCIP into its system through BGD Labs, a Web3 development initiative.

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This integration will allow Aave to launch itself onto more chains and conduct key operations like governance through a highly secure solution.

Chainlink stated that in addition to its adoption by leading DeFi applications, CCIP is also being used by Swift and over a dozen financial institutions and financial market infrastructure providers for messages and token transfers across public and private chains.

This collaboration aims to connect the global financial system to on-chain financial products, laying the groundwork for a globally accepted interoperability standard.

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