- Stake.link has accomplished a crucial integration with Chainlink CCIP which will open the doors to unlock Cross-Chain Protocol Asset Management and LINK Staking.
- It will allow bridging wrapped staked LINK (wstLINK) and the stake.link protocol token SDL to Arbitrum,
Stake.link announced that Ethereum and Arbitrum mainnets now support stake.link’s integration of Chainlink CCIP, the industry standard for secure cross-chain interoperability.
Through the use of CCIP’s Simplified Token Transfer features, users will be able to bridge wrapped staked LINK (wstLINK) and the stake.link protocol token SDL to Arbitrum, facilitating cross-chain LINK Staking and native protocol asset management. Users can now experience LINK Staking outside of the Ethereum mainnet for the first time.
Boasting a TVL of $36 million, Stake.link is an innovative delegated liquid staking system designed specifically for Chainlink Staking. With the liquid staking receipt token stLINK enabling DeFi interoperability and the protocol token SDL powering it, the stake.link protocol allows anyone to supply LINK collateral to the most dependable and effective Chainlink node operators in exchange for a portion of the profits.
.@stakedotlink is live on @arbitrum.
Bridge #wstLINK & #SDL to @arbitrum for the first time ever at https://t.co/ByL6BQF5ll—The first and only cross-chain liquid-staking solution for the @chainlink Network: https://t.co/ivinhQagfH
Read about how we’re bringing @chainlink… pic.twitter.com/4RF0zxquQp
— stake.link (@stakedotlink) February 28, 2024
The Risk Management Network, a distinct, independent network that continuously scans and validates cross-chain processes for questionable activity, supports CCIP. Considering previous industry attacks and the billions of user cash lost as a result of unstable and unsafe cross-chain infrastructure, this extra layer of protection is very crucial.
This integration will bring time-tested security as Chainlink decentralised oracle networks have already protected tens of billions of dollars for smart contracts and enabled over $9 trillion in onchain transaction value, power the consensus and interoperability layer of CCP. Moreover, CCIP offers extra security and dependability with Smart Execution and the Risk Management Network.
Additionally, the audited token pool contracts in CCIPP offer a plug-and-play solution that manages the intricate process of burning, minting, and locking tokens across chains. In addition to offering extra security features like Rate Limits, CCIP Token Transfers let ecosystem partners quickly develop new functionality centred around a supported token using a single CCIP interface.
StakeLink allows its users to utilise stLINK in DeFi, and benefit from staking LINK with 15 top Chainlink node operators, receive an optimised payout rate, and withdraw at any moment.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
