- The Cross-Chain Interoperability Protocol of Chainlink has facilitated transfers totaling $198 million.
The most recent project to incorporate support for Chainlink’s cross-chain interoperability protocol (CCIP) is Metis, a well-known Layer 2 network.
On August 8, Metis implemented CCIP, and as of right now, the protocol is the network’s standard cross-chain architecture. With plans to expand support for more blockchains and tokens in the future, Metis has integrated Chainlink’s LINK token to enable transfers and messaging between the Ethereum and Metis networks.
Metis emphasized that CCIP will enable METIS holders on other networks to take part in DAO-based governance, enable programmable cross-chain transfers, and make it easier to create cross-chain decentralized exchanges and lending protocols that support Metis. Additionally, the project anticipates that CCIP will help on-chain real-world assets on Metis grow.
According to Johann Eid, Chief Business Officer at Chainlink Labs, CCIP will open up a plethora of cross-chain use cases for the Metis ecosystem, revolutionizing DAOs, DeFi, and more.
According to Kevin Liu, a co-founder of Metis, liquidity is expected to flow into the Metis ecosystem and aid in scaling DeFi because cross-chain applications are supported by the industry-standard CCIP.
The team contacted Hashkey Cloud for its first external decentralized transaction sequencer one day prior to Metis’ CCIP integration. As a crucial first step in moving Metis to a fully decentralized architecture, the team announced that Hashkey is now finishing up Metis onboarding and will soon turn on decentralized sequencing.
According to executive lead for Metis Tom Ngo, this is a historic event for the company as well as the larger decentralized ecosystem. As our first external decentralized sequencer client, Hashkey Cloud’s integration demonstrates our dedication to creating a robust and welcoming network.
According to CoinGecko, the price of METIS has dropped 25% over the last 30 days as part of a general decline in the cryptocurrency market. The price of LINK has decreased by 22.8% within the same time frame.
With $261.5 million, Metis is presently the 12th-largest Ethereum Layer 2 by total value locked (TVL), according to L2beat. But 83.6% of the network’s TVL is accounted for by its native METIS token.
$51.6 million is reportedly trapped in Metis-based DeFi protocols, according to estimations by DeFiLlama.
Chainlink CCIP
The integration takes place at a time when CCIP’s market share is rapidly growing following its successful permissionless debut on April 25.
Dune Analytics reports that since the protocol’s whitelisted mainnet launch in July 2023, $198 million worth of token transfers have been made possible, with 41% of those transfers occurring since the permissionless launch. In addition, CCIP has racked up over $835,600 in fees, of which 81% was incurred this year and 25% since April 25.
Major trading institutions such as Australia and New Zealand Bank (ANZ), Swift, and the U.S. Depository Trust & Clearing Corporation (DTCC) have all embraced CCIP.
Over $12 trillion in cumulative transaction volume has been made possible by Chainlink’s more comprehensive infrastructure stack.
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.
