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 way to build cross-chain applications and services that can send messages, transfer tokens and initiate other transactions across multiple blockchain networks, according to a statement.
CCIP is powered by Chainlink’s oracle networks, which developer Chainlink Labs claims have secured billions of dollars in assets and facilitated more than $8 trillion in on-chain transaction value.
“Base and Chainlink are both building on the cutting edge of blockchain development as we work to bring the next wave of millions of new users to our industry,” Chainlink Labs Chief Business Officer Johann Eid said in the statement. “The scalability and technological creativity of the Base as a Layer 2 solution, combined with an 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 like Raft, Nuon, Folks Finance and Polychain Monsters are already integrating Chainlink CCIP on Layer 2. Chainlink’s price feeds previously went live on Base in August.
“We’re excited to launch CCIP on Base to let developers securely build cross-chain applications, allowing them to further experiment and unlock new use cases,” said Jesse Pollak, Coinbase’s head of protocols, who led the launch of Base.
Basic jumping in layer 2
The Base mainnet officially opened to the public on August 9, allowing projects to deploy their applications at Layer 2 and expand users and assets from Ethereum, Coinbase and other interoperable chains.
Daily transactions and new unique addresses on Base also recently surpassed those of 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 completely ruled out.
Chainlink’s CCIP rollout and Swift interoperability experiment
Chainlink rolled out its Cross-Chain Interoperability Protocol – designed to link applications between 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.
Unlike existing cross-chain bridge models that typically use token wrapping, Chainlink’s CCIP uses smart contract-based mechanisms between “controlled token pools” across 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 technology’s potential to also facilitate interoperability between traditional financial systems and emerging blockchain technologies.