Chainlink’s Cross-Chain Interoperability Protocol has hosted $198 million price of transfers.
Metis, a outstanding Layer 2 community, is the newest undertaking to combine help for Chainlink’s cross-chain interoperability protocol (CCIP).
Metis built-in CCIP on Aug. 8, with the protocol now serving because the community’s canonical cross-chain infrastructure. The combination facilitates transfers and messaging for Chainlink’s LINK token between the Metis and Ethereum networks, with Metis planning to develop help for added blockchains and tokens sooner or later.
Metis highlighted that CCIP facilitates the creation of cross-chain decentralized exchanges and lending protocols supporting Metis, will enable METIS holders on a number of networks to take part in DAO-based governance, and helps programmable cross-chain transfers. The undertaking additionally hopes CCIP will facilitate the expansion of on-chain real-world property on Metis.
“CCIP will unlock a whole host of cross-chain use cases for the Metis ecosystem, transforming DeFi, DAOs, and more,” stated Johann Eid, Chief Enterprise Officer at Chainlink Labs.
“With cross-chain applications underpinned by the industry-standard CCIP, liquidity is set to flow into Metis ecosystem and help scale DeFi,” stated Kevin Liu, co-founder of Metis.
The worth of METIS is down 25% previously 30 days amid a broader crypto market pullback, in keeping with CoinGecko. LINK’s value is equally down 22.8% over the identical interval.
Metis at the moment ranks because the Twelfth-largest Ethereum Layer 2 by whole worth locked (TVL) with $261.5 million, in keeping with L2beat. Nonetheless, its native METIS token accounts for 83.6% of the community’s TVL.
DeFiLlama estimates that $51.6 million is at the moment locked in Metis-based DeFi protocols.
Chainlink CCIP
The combination comes as CCIP’s market share is rapidly increasing since finishing its permissionless launch on April 25.
The protocol has facilitated $198 million price of token transfers since its whitelisted mainnet launch in July 2023, 41% of which had been executed because the permissionless launch, in keeping with Dune Analytics. CCIP has additionally gathered roughly $835,600 in charges, 1 / 4 of which was generated since April 25 and 81% of was accrued this 12 months.
CCIP boasts adoption from main tradfi establishments, together with Swift, Australia and New Zealand Financial institution (ANZ), and the U.S. Depository Belief & Clearing Company (DTCC).
Chainlink’s broader infrastructure suite has facilitated greater than $12 trillion price of cumulative transaction quantity.
