Swell to Integrate Chainlink CCIP

Published on: 06.12.2023
Swell to Integrate Chainlink CCIP

Swell to integrate Chainlink CCIP for secure cross-chain swETH transfers. The integration will build on a longstanding collaboration between Swell and Chainlink.

Swell Integrates with Chainlink’s Cross-Chain Interoperability Protocol (CCIP)

Swell has made an exciting announcement: their integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This protocol is an industry standard for secure cross-chain interoperability. With this integration, Swell will be able to facilitate cross-chain transfers of its liquid staking token, swETH, between Ethereum and Arbitrum. By shifting to Chainlink CCIP’s Simplified Token Transfers, Swell Network has improved its cross-chain token transfer mechanism to a more secure, reliable, and scalable solution.

Why CCIP is Swell’s Chosen Interoperability Solution

The Swell Network opted for CCIP as its preferred interoperability solution. Chainlink’s unrivaled reputation for maintaining top-of-the-line security and reliability in the Web3 industry. Additionally, CCIP is supported by the Risk Management Network, an independent network that continuously examines and verifies cross-chain operations for any signs of suspicious activity.

Enhanced Security Through Integration with Chainlink’s Innovations

In light of the significant industry breaches and the loss of billions of dollars in user funds due to unreliable cross-chain infrastructure, an additional layer of security has become more critical than ever. As a result, Swell has incorporated various Chainlink advancements to safely extend the boundaries of liquid staking. One of the most prominent of these advancements is the Chainlink Proof of Reserve. It provides superior monitoring solutions for the ETH reserves that underpin swETH. This integration represents a continued, long-term partnership between the two companies.

Chainlink CCIP provides a multitude of important benefits and features, such as:

  • Defense-in-depth security — CCIP’s consensus and transport layer is powered by Chainlink decentralized oracle networks. It has secured tens of billions of dollars for smart contracts and enabled over $8 trillion in on-chain transaction value. CCIP also includes additional layers of protection via the ARM Network, transfer rate limits, and the Smart Execution of transactions.
  • Simplified token transfers — Seamlessly scale your user base and benefit from enhanced token composability by securely transferring tokens across chains in a fraction of the time it would take to build a custom solution. In addition to providing fully audited token pool smart contracts. The CCIP token transfers have additional security features, such as rate limits that allow you to cap the value transferred over a given time interval.
  • Effortless integration and scalability — CCIP eliminates the need to write custom code when building chain-specific integrations.
  • Flexible and programmable — CCIP messages are programmable, meaning token transfers and smart contract calls can be one atomic transaction. CCIP also supports multiple token handling mechanisms on source and destination chains. For example, mint and burn and lock and unlock to open up a wider range of use cases.
  • Future-proof — CCIP is built to support continuous updates. The integration of new blockchains (including non-EVM chains), the introduction of advanced functionalities, and the addition of other defense-in-depth approaches to security. Thus, an integration with CCIP eliminates future switching costs should new cross-chain functionalities be needed.

“We’re excited to continue our longstanding collaboration with Chainlink. At Swell, the community is excited to be integrating the most secure, reliable, and scalable cross-chain solution, Chainlink CCIP. By underpinning our liquid staking protocol, CCIP can help accelerate the adoption of swETH across the wider cross-chain economy.” — Daniel Dizon, Founder

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