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Chainlink marked a major milestone in blockchain interoperability with the release of the Cross-Chain Interoperability Protocol (CCIP), which now supports a wider range of blockchains. According to a press release, Chainlink has expanded the scope of CCIP to include nine prominent blockchains. These are Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Kroma, Optimism, Polygon and WEMIX.
The general availability of the protocol allows developers to transfer tokens and send messages to smart contracts on different blockchains. It also allows developers to perform programmable token transfers. Consequently, these capabilities facilitate the seamless exchange of data and value. This enhancement significantly improves the efficiency and capabilities of decentralized applications.
The introduction of new features such as Transporter— a bridge application — and expanded token transfer capabilities have contributed to the growth of CCIP. In the first quarter of 2024 alone, the protocol saw an over 900% increase in cross-chain transactions and a significant 4,000% increase in transfer volume compared to the previous quarter. The expansion of CCIP is pivotal to creating interconnected tokenized real asset (RWA) markets. CCIP, as part of the broader Chainlink platform, provides the necessary data and computing resources required to operate tokenized asset markets.
Image: The Block
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