LINK, the native token of the Chainlink decentralized oracle network platform, is leading the market this morning in a bullish start to the week for cryptocurrencies. The token spiked to $10.93 earlier today—a level not seen in May 2022—before backtracking to $10.01 by press time. At the time of this writing, LINK is up 8% over the past 24 hours, and almost 38% over the last week, according to data by CoinGecko. Chainlink’s impressive performance may be attributed to the growing popularity of its Cross-Chain Interoperability Protocol (CCIP). Introduced in July this year with early adopters including Avalanche, Ethereum, Optimism, Polygon, as well as DeFi lending protocols Aave and Synthetix, CCIP is aimed at simplifying cross-chain transactions. Last month, Chainlink also integrated CCIP into the Coinbase-incubated Ethereum layer-2 network Base. CCIP offers users an enhanced level of protection, and Chainlink has been working with major financial institutions to facilitate secure cross-chain messaging and token transfers. Most recently, the Depository Trust & Clearing Corporation (DTCC) became the latest addition to the list of Chainlink’s enterprise partners integrating CCIP. This is part of Swift’s interoperability project, where Swift used CCIP to facilitate secure cross-chain messaging and token transfers, while DTCC served as a token issuer and central securities depository (CSD). The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
This article means: LINK, the native token of the Chainlink decentralized oracle network platform, is having a bullish start to the week, driven by the growing popularity of its Cross-Chain Interoperability Protocol (CCIP). CCIP is aimed at simplifying cross-chain transactions and providing an enhanced level of user protection. Chainlink has been working with major financial institutions, including Swift, BNY Mellon, Citigroup, and BNP Paribas, to facilitate secure cross-chain messaging and token transfers. Most recently, the Depository Trust & Clearing Corporation (DTCC) has become the latest addition to the list of Chainlink’s enterprise partners integrating CCIP. This is overall good news for the crypto market, as it signals major financial institutions are increasingly recognizing the potential of digital assets.
#Chainlink #CCIP #Crypto #Cryptocurrency #DeFi
You can read more about this topic here: Decrypt: Chainlink Leads Crypto Market Rally, Soaring 8% Overnight
