Chainlink to open access to the Cross-Chain Interoperability Protocol

On July 20, the Chainlink team of decentralized oracles Chainlink will open early access to the Cross-Chain Interoperability Protocol (CCIP) — the cross-chain interoperability protocol.

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The solution is designed to unite dapps across public and private blockchains.

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Initially, CCIP will be available in the Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai testnets.

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“The protocol will provide a unified interface for seamless interaction,” the developers explained.

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CCIP has already integrated Synthetix (the Synth Teleporters function). BGD Labs has begun implementing the protocol in Aave.

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Unlike typical cross-chain bridges that use wrapped assets, Chainlink’s CCIP uses mechanisms with smart-contract support between “trusted token pools” across different blockchains.

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According to the developers, this approach enables seamless interaction between different chains.

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CCIP includes an active risk-management network — it provides an additional layer of security through continuous monitoring and validation of the protocol’s behavior, as well as independent cross-chain operation checks for potential errors.

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CCIP may include cross-chain dapps. As a use case, the team cited a cross-chain lending application. Users will be able to post collateral in one blockchain and borrow assets in another.

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Additional cross-chain interactions could include data storage, liquid staking and games.

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“As Web 2.0 needed TCP/IP to connect isolated islands of computer networks, Web3 requires a standard of functional interoperability to connect isolated blockchains,” the developers explained.

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Use cases could extend beyond dapps and into TradFi.

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In September 2022, Chainlink and SWIFT agreed to collaborate. CCIP will enable instructions for on-chain transfers of crypto assets in interbank messages.

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