Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has officially launched on ZKsync’s Era mainnet, marking a pivotal milestone for the Layer 2 scaling solution that leverages zero-knowledge (ZK) technology. This move strengthens the cross-chain functionality and interoperability of decentralized applications (dApps) on ZKsync.
Chainlink CCIP is an industry-standard cross-chain protocol that enables secure and efficient communication across different blockchain networks. The integration with ZKsync aligns with the shared mission of creating a unified Layer 2 ecosystem on Ethereum while improving access to ZK technology.
Chainlink CCIP enhances ZKsync with cross-chain interoperability
This latest integration provides an additional on-ramp for developers and users to join the Elastic Chain ecosystem, equipping Web3 developers with the infrastructure needed to build sophisticated, feature-rich dApps. As ZKsync is a part of the Chainlink Scale, this collaboration will further connect decentralized finance (DeFi) with traditional finance (TradFi) by offering a gateway for on-chain finance.
Developers building on ZKsync Era can now leverage CCIP’s programmable token transfers, which allow tokens to be sent cross-chain along with instructions for the receiving smart contract. In addition, the arbitrary messaging capabilities of CCIP enable developers to create cross-chain smart contracts capable of triggering actions across various blockchain networks. This capability will enhance interoperability and efficiency across decentralized systems, facilitating the growth of multi-chain ecosystems.
Johann Eid, Chief Business Officer at Chainlink Labs, remarked:
ZKsync has quickly become a household name in blockchain, building an environment for developers and financial institutions looking to move on-chain. The integration of Chainlink CCIP is a natural next step in expanding multi-chain access.
~Johann Eid
Chainlink drives asset tokenization and on-chain financial integration
The integration arrives amid the growing trend of financial institutions moving on-chain via asset tokenization. Marco Cora, Director at the ZKsync Foundation, pointed out that as real-world assets are increasingly tokenized, “transparent and secure cross-chain standards are essential for the broader adoption of blockchains by traditional finance.” With the inclusion of CCIP, ZKsync offers a solution for securely bridging these assets across blockchains.
This move follows a recent collaboration between Chainlink, Fidelity International, and Sygnum, where the trio brought Fidelity International’s $6.9 billion Institutional Liquidity Fund on-chain through asset tokenization, with $50 million in reserves integrated into ZKsync’s Era ecosystem.
Chainlink continues to stand out as the major player in decentralized computing platforms, securing over $15 trillion in on-chain transaction value. Nonetheless, its market supremacy is facing competition, from Pyth and WINlinkLink. Initially holding a 48.64% market share at the beginning of the year; Chainlink now possesses 46.46% of the Oracle market as its competitors gain ground.
With this CCIP integration, Chainlink continues to lead innovations in cross-chain solutions, providing the essential infrastructure for Web3 developers, DeFi platforms, and TradFi institutions looking to expand into blockchain technology.
Source: https://www.cryptopolitan.com/chainlinks-ccip-debuts-on-zksync/