Decentralized oracle network Chainlink has launched its Cross-Chain Interoperability Protocol (CCIP) on Base, an Ethereum Layer 2 scaling platform incubated by Coinbase.
The move aims to provide Base developers with a secure means to build cross-chain applications and services capable of sending messages, transferring tokens and initiating other transactions across multiple blockchain networks, according to a statement.
CCIP is powered by Chainlink’s oracle networks, which developer Chainlink Labs claims has secured billions of dollars in assets and facilitated over $8 trillion in on-chain transaction value.
“Base and Chainlink are both building on the forefront of blockchain development as we work to bring the next wave of millions of new users into our industry,” Chainlink Labs Chief Business Officer Johann Eid said in the statement. “The scalability and technological creativity of Base as a Layer 2 solution, combined with an ever increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services.”
Chainlink said projects including Raft, Nuon, Folks Finance and Polychain Monsters are already integrating Chainlink CCIP on the Layer 2. Chainlink’s price feeds previously went live on Base in August.
“We’re excited about the launch of CCIP on Base to let developers securely build cross-chain applications, empowering them to experiment further and unlock new use cases,” Coinbase’s protocols lead Jesse Pollak, who spearheaded the Base launch, said.
Base jumping into Layer 2
The Base mainnet officially opened to the public on Aug. 9, enabling projects to deploy their applications on the Layer 2 and onramp users and assets from Ethereum, Coinbase and other interoperable chains.
Daily transactions and new unique addresses on Base have also recently surpassed those of the previously dominant optimistic rollup scaling solutions Arbitrum and Optimism, according to The Block’s data dashboard.
Last week, Coinbase Chief Legal Officer Paul Grewal said the prospect of a new Base token had not been ruled out entirely.
Chainlink’s CCIP rollout and Swift interoperability experiment
Chainlink rolled out its Cross-Chain Interoperability Protocol — designed to link applications across both public and private blockchains — on Arbitrum, Avalanche, Ethereum, Optimism and Polygon in July, as part of an early access phase.
Decentralized finance protocol Synthetix has already adopted CCIP to power its cross-chain transfers between Ethereum, Optimism and other chains. DeFi lending platform Aave is another early adopter.
In contrast with existing cross-chain bridge models that typically employ token wrapping, Chainlink’s CCIP leverages smart contract-enabled mechanisms between “audited token pools” across different chains. This allows for more seamless interactions between blockchain networks, the team explained at the time.
Last month, global financial messaging giant Swift said its interoperability experiment between its own network, banks and Chainlink’s CCIP was successful, highlighting the potential of the technology to also facilitate interoperability between traditional financial systems and emerging blockchain technologies.