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HomeNewsChainlink CCIP Goes Live on Celo: A Leap in Blockchain Security and...

Chainlink CCIP Goes Live on Celo: A Leap in Blockchain Security and Efficiency

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  • Chainlink CCIP’s integration supports over $10.5 trillion in transaction value, ensuring top-level security and reliability for Celo.
  • The integration allows Celo’s ecosystem to manage real-world assets effectively through secure token transfer mechanisms like burn/mint.

Celo, a blockchain platform, has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), enhancing its capabilities for mobile-first applications and global payments. This integration allows for secure, efficient cross-chain transactions within the Celo ecosystem, crucial for managing real-world assets (RWAs) tokenized on the platform.

chainlink-celo
Vía → blog.celo.org

Chainlink’s CCIP is known for its robust security, having facilitated transactions worth over $10.5 trillion. It offers Celo advanced token transfer mechanisms such as burn/mint, lock/unlock, and lock/mint, which are essential for seamless asset transfers across different blockchains. This functionality supports liquidity and connectivity, critical for Celo’s operational goals.

The adoption of CCIP followed a decision by the Celo community to join Chainlink’s SCALE program, which provides extended access to Chainlink’s services and expertise. This move highlights Celo’s commitment to creating a secure and interoperable blockchain environment.

Key to CCIP’s security is the Risk Management Network, an independent body that monitors cross-chain transactions to prevent unauthorized activities. This layer of security is vital, given past exploits in cross-chain operations have resulted in significant losses.

Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, commented on the integration, noting that it allows Celo’s developers and users to fully utilize the multi-chain sector, potentially increasing the adoption of Celo’s technology.

“We’re excited for Celo to natively integrate Chainlink CCIP as its canonical cross-chain infrastructure,” said Thodoris Karakostas.

Eric Nakagawa, Executive Director at the Celo Foundation, emphasized the strategic importance of using Chainlink’s CCIP. He noted that CCIP’s high level of security makes it an attractive option for developers and the community aiming to build secure applications on Celo’s platform.

“Canonical cross-chain infrastructure can accelerate the long-term growth and adoption of the Celo ecosystem,” Eric Nakagawa, Executive Director at the Celo Foundation. “As the only interoperability solution achieving level 5 cross-chain security, CCIP provides a great option for developers, founders, and the wider community to consider and adopt.”

Overall, this integration not only enhances the security and functionality of the Celo network but also positions it as a forward-thinking player in the blockchain space, capable of supporting diverse applications that require reliable, cross-chain capabilities.

ChainLink (LINK) current price is 18.944 USDT, up 2.25% in the last 24 hours. It has had a positive return of 13.27% in the last week, 37.32% in the last month and 31.58% in the last six months, accumulating an impressive 185.70% in the last year. 

LINKUSDT_2024-05-29_11-26-00
Vía → Tradingview

Key support and resistance levels are at $14.356 and $12.818 for support, and $17.417, $18.999, and $21.328 for resistance. Technical analysis suggests an uptrend with a target of $21 if support above $18 holds, although caution is warranted due to possible bearish pattern formation. 

A close watch on these levels is recommended.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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