Metis integrates Chainlink’s CCIP to boost ecosystem growth and cross-chain capabilities News ▸ Chainlink ▸ Technology
Metis integrates Chainlink’s CCIP to boost ecosystem growth and cross-chain capabilities
Metis hopes to amplify its market presence through the integration of Chainlink's cross-chain technology.
1 min read
Updated: Feb. 29, 2024 at 9:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum Layer-2 network Metis has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) technology to propel ecosystem growth, according to a Feb. 29 statement shared with CryptoSlate.
The CCIP integration will give Metis access to a robust token bridge infrastructure that enhances its cross-chain capabilities. It will also improve user and developer experiences while accelerating Layer-2 adoption in the industry.
Chainlink Labs Chief Business Officer Johann Eid said:
“By securely interoperating cross-chain via CCIP, Metis is able to provide a more seamless developer and user experience in its ecosystem while helping to accelerate the adoption of its layer-2 network.”
Integration benefits
According to the statement, Chainlink’s CCIP will serve as the “canonical token bridge infrastructure” for the Metis token bridge.
Initially, the integration will facilitate bridging Ethereum-based stablecoins to Metis, with further tokens and blockchains added later in the pipeline. The move is poised to significantly enhance the stablecoin ecosystem on the Layer-2 network.
DeFillama data illustrates the importance of this development, revealing a modest $41 million market capitalization for stablecoins on the Metis network compared to Ethereum’s $73 billion. The CCIP integration would open Metis to Ethereum’s vast stablecoin volume — amplifying its market presence.
Besides that, the collaboration offers Metis a suite of benefits, including accelerated token transfers, a standardized cross-chain interface, and access to Programmable Token Transfers. Metis also stands to gain from Chainlink’s robust Web3 developer community and established presence in the capital markets.
Furthermore, Metis executive lead Tom Ngo said that CCIP’s cutting-edge security architecture and adoption by major industry players were the main reasons it chose Chainlinkin its decision-making process. He added:
“Security and user experience are our top priorities when it comes to the infrastructure securing the canonical Metis token bridge, and Chainlink CCIP’s defense-in-depth security architecture and advanced capabilities are unparalleled.”
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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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