Chainlink launches groundbreaking features for enhanced cross-chain transactions News โธ Chainlink โธ Technology
Chainlink launches groundbreaking features for enhanced cross-chain transactions
Chainlink's Transporter and native ETH transfer features set to boost multichain liquidity.
2 min read
Updated: Apr. 11, 2024 at 9:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Blockchain Oracle provider Chainlink introduced two groundbreaking features aimed at enhancing cross-chain transactions.
In an April 11 statement, the network unveiled Transporter as a versatile multichain transfer application that would facilitate seamless transactional operations across various blockchain networks, including Arbitrum, Avalanche, BNB Chain, Ethereum, WEMIX, Polygon, Optimism, and Base.
Additionally, Chainlink disclosed that its cross-chain interoperability protocol (CCIP) would allow its users to transfer native ETH across different chains, including Ethereum and layer-2 networks Arbitrum and Optimism.
Despite these strides, Chainlink’s native LINK token saw a modest gain of 1.06% in the last 24 hours to trade at $17.34 as of press time.
Transporter
Chainlink revealed that Transporter is built upon its CCIP technology. The cross-chain messaging bridge boasts an intuitive user interface and robust security measures, ensuring users can efficiently monitor their assets and transactions in real-time.
It added:
“Transporter was built to abstract away the complexities of accessing the cross-chain economy.”
Chainlink’s co-founder Sergey Nazarov said that Transporter will help streamline cross-chain transfers, particularly for high-value token transactions and critical messaging.
Early adopters like Fourth Revolution Capital and Moonrock Capital have lauded Transporter’s functionality and anticipate its contribution to advancing blockchain adoption. Simon Dedic, CEO of Moonrock Capital, expressed enthusiasm for Transporter’s seamless user experience and CCIP’s unmatched cross-chain security.
Native ETH transfers
In addition to Transporter, Chainlink has introduced a new token transfer mechanism for CCIP, enabling native ETH transfers across chains via WETH token pools.
The firm revealed that the native ETH transfer introduces a lock-and-unlock token transfer mechanism, which allows any digital asset to be onboarded and securely transferred cross-chain via CCIP. Chainlink said the move would enable greater liquidity across the multichain ecosystem.
According to Chainlink, the upgrade was also introduced alongside a new pricing model that makes “CCIP one of the most cost-efficient options for securely and reliably bridging a wide range of tokens.”
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Posted In: Chainlink, Technology
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Sergey Nazarov began his career building peer-to-peer marketplaces, going on to the investment team at FirstMark Capital.