Celo now Supports Chainlink’s CCIP

Published on: 31.05.2024
Celo now Supports Chainlink's CCIP

Celo, an emerging Ethereum Layer-2 and mobile-first blockchain platform focused on real-world applications, announced the integration of Chainlink CCIP (Cross-Chain Interoperability Protocol).

This integration brings industry-leading cross-chain security and reliability to the Celo network.

Enhanced Interoperability for Celo

Chainlink CCIP offers several benefits to the Celo ecosystem:

  • Secure Cross-Chain Transfers: CCIP provides secure transfers of tokens between different blockchains. This functionality supports various use cases, including tokenized real-world assets (RWAs) and multi-chain liquidity management.
  • Multiple Transfer Mechanisms: CCIP supports various cross-chain token transfer mechanisms, including burn/mint, lock/unlock, and lock/mint. This flexibility caters to diverse applications within the Celo ecosystem.
  • Battle-Tested Reliability: CCIP has a proven track record, securing over $10.5 trillion in transaction value. It achieves the highest level (level 5) of cross-chain security.

Robust Security Measures

Chainlink CCIP prioritizes security through a multi-layered approach:

  • Independent Risk Management Network: A dedicated network continuously monitors cross-chain operations, safeguarding against potential threats. This “defense-in-depth” strategy is crucial considering the historical losses exceeding $2.8 billion due to insecure cross-chain bridges.

Building on a Strong Foundation

Celo’s integration with Chainlink CCIP follows its participation in the Chainlink SCALE program. This program grants Celo developers access to expert technical support and advanced Chainlink services.

About Chainlink

Chainlink is a leading decentralized oracle network powering the “verifiable web.” It facilitates access to real-world data, off-chain computations, and secure cross-chain connections for various applications across finance, DeFi, and other sectors.

Website | Twitter

About Celo

Celo is a mobile-focused Layer-2 blockchain platform designed for fast and affordable global payments. The Celo ecosystem encompasses a proof-of-stake blockchain, the CELO token, USDC and USDT as gas currencies, several Mento stablecoins, and integrations with popular DeFi protocols like Uniswap and Curve. Launched in 2020, Celo fosters a vibrant developer community with over 1,000 projects contributing to its mission of financial inclusion.

Website | Twitter

Source:
https://blog.celo.org/celo-integrates-the-industry-standard-chainlink-ccip-as-canonical-cross-chain-infrastructure-81fea5c7543e

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