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Tag: CCIP

  • Chainlink CCIP adapts to general availability

    Chainlink CCIP adapts to general availability

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    Chainlink’s Cross-Chain Interoperability Protocol has transitioned into general availability, marking a step forward in enhancing cross-chain connectivity.

    The protocol enables developers to conduct cross-chain token transfers and smart contract messaging across diverse blockchain networks. Additionally, it allows for function calls on smart contracts deployed across different blockchains, enhancing cross-chain smart contract interoperability.

    According to Sergey Nazarov, co-founder of Chainlink, the general availability of the Cross-Chain Interoperability Protocol’s (CCIP) mainnet will streamline developers’ implementation, thereby strengthening cross-chain connectivity.

    “CCIP is now starting to become the standard for both capital markets blockchain transactions across banks, as well as the way that secure Web3 cross-chain value and data is moved across public chains,” Nazarov said.

    Cross-chain bridges play a crucial role in facilitating transactions between distinct blockchain networks and present significant vulnerability points in the crypto landscape. Chainlink (LINK) stands as one of the prominent entities addressing the issue of cross-chain interoperability, which remains a pressing challenge within the industry.

    Recently, Chainlink introduced Transporter, a cross-chain messaging application that simplifies cross-chain crypto transfers through an intuitive user interface. Transporter utilizes CCIP, hailed as the sole cross-chain protocol to attain level-5 security, according to a representative from Chainlink.

    CCIP operates on nine blockchains, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX, with plans for further network integration. The protocol aims to assist financial institutions in leveraging the potential of tokenized assets, offering improved liquidity access for cross-chain assets.

    According to the blog from Chainlink, CCIP is an integral component of the broader Chainlink platform, which allows financial institutions to access tokenized assets by addressing their requirements related to data management, cross-chain operations, regulatory compliance, and synchronization.

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    Bralon Hill

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  • Analyst Forecasts Chainlink (LINK) To Fall Below $10 Following Massive Price Surge

    Analyst Forecasts Chainlink (LINK) To Fall Below $10 Following Massive Price Surge

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    Chainlink (LINK) has emerged as one of the top cryptocurrencies in the last week following an impressive market performance which saw the token gain by 46.49% in the past seven days.

    Even amidst whale movements, which suggest that investors are taking profit, LINK has managed to maintain its bullish momentum, gaining by 6.10% in the last day to above the $11 mark.

    However, despite the positive sentiment that has currently overwhelmed the LINK market, some analysts believe the token may be due for a major retracement. 

    LINK To Fall Below $10: Is The Bullish Run Over?

    In a post on X on Friday, crypto analyst Altcoin Sherpa shared a prediction that LINK may soon experience a price dip, falling as low as $9.50. 

    However, Altcoin Sherpa notes that this potential price loss may not spell the end of LINK’s bullish phase. In fact, the analyst describes the token’s price coming down as “healthy.” 

    According to Sherpa’s prediction, LINK’s slide below $10 could simply be a price recorrection before the token resumes its upward trajectory. If this forecast proves true, many traders could view this $9.50 region as a great entry zone.

    Interestingly, Cryptonary, another analyst on X, has recently shared a similar price prediction.

    In a post on Thursday, Cryptonary called for much caution in the LINK market, stating the crypto asset may not sustain its current high price levels for long. 

    To back up this forecast, the analyst states the Relative Strength Index (RSI) shows that Chainlink is currently in the overbought zone, which indicates a price pullback lies on the horizon.

    Although many traders have opened long positions on LINK as indicated by the market’s positive funding rates, Cryptonary has advised investors against “joining the crowd”

    Similar to Altcoin Sherpa, the analyst predicts LINK’s price to fall to $9.67 for a short-term retracement. However, with strong selling pressure, Cryptonary states that LINK could trade as low as $8. 

    At the time of writing, LINK trades around $11.54 with a 0.25% gain on the last day. Meanwhile, the token’s trading volume is up by 8.01% and valued at $824.92 million. 

    Chainlink Records Partnership Streak

    In other news, Chainlink recently shared with the crypto community its streak of collaborations with major traditional brands in promoting the adoption of blockchain technology.

    In a thread posted on X on Friday, the blockchain highlighted its partnership with the Swift payment company aimed at facilitating the seamless transfer of tokenized assets across multiple chains using Chainlink’s Cross Chain Interoperability Protocol  (CCIP). 

    In addition to Swift, Chainlink also discussed its partnership with the Depository Trust and Clearing Corporation, the Australia and New Zealand Banking Group Limited, and Vodafone Digital Asset Breaker (DAB).

    LINK trading at $11.569 on the daily chart | Source: LINKUSDT chart on Tradingview.com

    Featured image from iStock, chart from Tradingview

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    Semilore Faleti

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