- Nine blockchains are now supported by Chainlink’s CCIP, increasing interoperability.
- The price of LINK is aiming for a breakout; gains require it to cross $15.63.
- With a 900% increase in transactions, CCIP improves decentralized apps.
There are now nine blockchains supported by Chainlink’s Cross-Chain Interoperability Protocol.
With the release of its Cross-Chain Interoperability Protocol (CCIP), which is now compatible with a greater number of blockchains, Chainlink has achieved a noteworthy advancement in blockchain interoperability.
Chainlink has added nine well-known blockchains to CCIP. These include Optimism, Polygon, WEMIX, Ethereum, Kroma, Base, Avalanche, and BNB Chain.
LINK on the Verge of Breakout for Chainlink
The general availability of the protocol allows developers to communicate with smart contracts on several blockchains by sending messages and transferring tokens. Additionally, it enables programmers to carry out token transfers.
As such, these functionalities enable a smooth transfer of information and value. With this improvement, the effectiveness and reach of decentralized apps are greatly increased.
Co-founder of Chainlink Sergey Nazarov emphasized the expanding use of CCIP.
Furthermore, CCIP’s expansion has been fueled by the addition of additional features like the bridging application Transporter and improved token transfer capabilities. The protocol witnessed an amazing 4,000% growth in transfer volume and a more than 900% increase in cross-chain transactions in just the first quarter of 2024 compared to the previous quarter.
Furthermore, the development of linked markets for tokenized real-world assets (RWA) depends heavily on the growth of CCIP. CCIP, as a component of the larger Chainlink platform, offers crucial data and computing resources required for tokenized asset markets to operate.
Chainlink’s native token, LINK, has seen a price decrease despite these technological breakthroughs and increased popularity; it is currently trading more than 30% below its March highs. Recent chart patterns, however, point to a possible bullish turnaround.
In order to pull back successfully, LINK must break through the $15.63 neckline. Should LINK maintain this breakout, it may rise by almost 17% to $18.26.
LINK’s failure to hold this breakout level, on the other hand, could invalidate the bullish pattern. In such a case, a retest of the lower support levels, approximately $14.52, would ensue.
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.
