Chainlink’s Cross-Chain Interoperability Protocol has hosted $198 million value of transfers.
Metis, a outstanding Layer 2 community, is the newest mission 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 mixing facilitates transfers and messaging for Chainlink’s LINK token between the Metis and Ethereum networks, with Metis planning to increase 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 mission additionally hopes CCIP will facilitate the expansion of on-chain real-world belongings on Metis.
“CCIP will unlock an entire host of cross-chain use circumstances for the Metis ecosystem, remodeling DeFi, DAOs, and extra,” mentioned Johann Eid, Chief Enterprise Officer at Chainlink Labs.
“With cross-chain functions underpinned by the industry-standard CCIP, liquidity is about to movement into Metis ecosystem and assist scale DeFi,” mentioned Kevin Liu, co-founder of Metis.
The worth of METIS is down 25% previously 30 days amid a broader crypto market pullback, in line with CoinGecko. LINK’s worth is equally down 22.8% over the identical interval.
Metis presently ranks because the Twelfth-largest Ethereum Layer 2 by complete worth locked (TVL) with $261.5 million, in line with L2beat. Nonetheless, its native METIS token accounts for 83.6% of the community’s TVL.
DeFiLlama estimates that $51.6 million is presently locked in Metis-based DeFi protocols.
Chainlink CCIP
The mixing comes as CCIP’s market share is rapidly increasing since finishing its permissionless launch on April 25.
The protocol has facilitated $198 million value of token transfers since its whitelisted mainnet launch in July 2023, 41% of which have been executed for the reason that permissionless launch, in line 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 yr.
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 value of cumulative transaction quantity.
