Chainlink Cross-Chain Interoperability Protocol Goes Live on L2 Base

• Chainlink Cross-Chain Interoperability Protocol (CCIP) went live on Coinbase’s Layer 2 Base today.
• LINK, Chainlink’s native token, gained more than 7% following the latest development.
• Chainlink CCIP integrated with DeFi exchange Sushi earlier this month.

Chainlink Cross-Chain Interoperability Protocol (CCIP) went live on Base earlier today. Folks Finance, a multi-chain decentralized finance platform, reportedly integrated Chainlink CCIP on Base testnet to improve cross-chain lending capabilities. Folks Finance was joined by several other crypto projects, including the NFT collection, Polychain Monsters.

According to a press release by Chainlink earlier today, the CCIP has gone live on Base, the layer 2 protocol incubated by American crypto exchange Coinbase. Base is secured by Ethereum and has gained significant popularity in the crypto community online. Chainlink’s native token, LINK, gained over 7% following the latest developments.

“The scalability and technological creativity of Base as a layer 2 solution, combined with an ever-increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services,” said Johann Eid, chief business officer at Chainlink Labs.

Jesse Pollak, the creator of Base, expressed excitement over the integration of Chainlink CCIP. The integration comes a month after Chainlink price feeds went live on Base. The price feeds gave the developers at Base access to industry-standard Chainlink Data Feeds and other Web3 services.

The CCIP is powered by Chainlink decentralized price oracle networks, which have secured tens of billions of dollars and enabled more than $8 trillion in on-chain transaction value. CCIP offers a robust security framework as well as a risk management network that is supported by Chainlink’s Oracle infrastructure.

Stablecoin project Raft leveraged Chainlink CCIP earlier today to unlock cross-chain transfers for its R stablecoin and integrate with Base. Nuon Finance, the crypto firm behind the first flat coin pegged to inflation, also integrated Chainlink CCIP with Base. Moreover, earlier this month, DeFi exchange Sushi announced the integration of CCIP.