New York state’s financial regulator just rescinded its approval on most of the digital assets it had previously made easy for crypto firms to do business with. The New York State Department of Financial Service (DFS) previously had 24 assets on their “Greenlist” of coins. The agency says virtual currency (VC) entities can list or […]
The post New York Strikes Out Dogecoin, XRP, Litecoin, Chainlink and Other Crypto Assets From ‘Greenlisted Coins’ appeared first on The Daily Hodl.
Chainlink’s CCIP protocol has launched on Ethereum layer 2 Arbitrum One to help developers build cross-chain decentralized applications.
Blockchain oracle network Chainlink has tapped into Ethereum (ETH) layer 2 scaling protocol Arbitrum to drive cross-chain decentralized application development.
The two protocols announced the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One on Sept .21, giving developers access to Chainlink’s solution that taps into Arbitrum’s high-throughput, low cost scaling.
The combination of CCIP and Arbitrum One’s ecosystem aims to unlock a myriad of use cases, including cross-chain tokenization and collateralization, blockchain gaming, data storage and computation.
Chainlink Labs chief business officer Johann Eid commented on the partnership, highlighting Arbitrum’s role in offloading transaction congestion from Ethereum’s base layer and providing a base to build DApps.
“CCIP now gives these users access to a highly secure and easy-to-use interoperability protocol built on Chainlink's time-tested infrastructure, powering cross-chain smart contracts in a way that will open up new avenues of growth, accessibility, and innovation.”
The integration will marry Arbitrum’s optimistic rollup technology that currently commands around 60% of total value locked in the wider Ethereum layer two ecosystem. Arbitrum facilitates fast and low fee transactions that are batched off-chain and then submitted to Ethereum’s base layer.
The optimistic rollup is assumed to be valid until proven otherwise by validators of the network.
Meanwhile CCIP allows developers to build cross-chain DApps that use arbitrary messaging and simplified token transfers. This taps into Chainlink’s decentralized oracle network that enables smart contracts to securely access off-chain data sources, APIs, and payment systems.
Related: Blockchains need an interoperable standard to evolve, say crypto execs
The protocol allows smart contracts to interact with real-world data and events, making it possible for them to be triggered by data from external sources.
Another prominent Ethereum scaling technology firm in StarkWare previously tapped into Chainlink’s oracle services. As Cointelegraph previously reported, StarkWare’s zero-knowledge proof rollup protocol StarkNet integrated Chainlink’s data and price feeds for its ecosystem in February 2023.
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A widely followed crypto strategist is outlining what’s on the horizon for XRP, Chainlink (LINK) and one controversial new altcoin. Looking at the cross-border payments solution first, analyst Michaël van de Poppe tells his 667,200 followers on the social media platform X that he’s waiting for XRP to flash signs of strength. “Full retrace on […]
The post Here’s What’s in Store for XRP, Chainlink and One Low-Cap Altcoin, According to Analyst appeared first on The Daily Hodl.
Widely followed crypto analyst Rekt Capital thinks the decentralized oracle network Chainlink (LINK) is primed to continue its recovery. Rekt Capital tells his 352,300 followers on the social media platform X that LINK respected its range-high resistance after it surged in price in July. LINK dropped to a recent low of $5.76 on September 11th, […]
The post Crypto Analyst Predicts Over 20% Rally for Chainlink (LINK), Updates Forecast for Dogecoin (DOGE) appeared first on The Daily Hodl.
Sergey Nazarov, creator of Chainlink (LINK), says recent experiments have proved that banks and traditional financial institutions can now connect to hundreds of different blockchains easily. In a new interview with Jill Malandrino, a reporter for Nasdaq, Nazarov touches on a recent Chainlink-based experiment conducted by SWIFT, and a group of banking giants including Citi, […]
The post Chainlink Creator Sergey Nazarov Says Value From TradFi Can Now Flow Into Public Blockchain Industry appeared first on The Daily Hodl.
A closely followed crypto trader says that one mid-cap altcoin is primed for a significant rally in price. Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on the social media platform X that blockchain oracle Chainlink (LINK) will likely break out of a months-long trading range in the next bull market cycle. “LINK: 500 days […]
The post Crypto Trader Says One Ethereum-Based Altcoin Primed To ‘Do Big Numbers’, Updates Outlook on Bitcoin and Polygon appeared first on The Daily Hodl.
Blockchain analytics platform Santiment says that two Ethereum (ETH) rivals are surpassing Cardano (ADA) in one major area. According to a new Santiment blog post, Polkadot (DOT) and its canary test network Kusama (KSM) are now seeing more development activity on the development hosting platform GitHub than Cardano during the past 30 days. “It is […]
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Blockchains need to become interoperable in order for the industry to truly flourish and several innovations will accelerate the ecosystem towards it, say executives.
The future of blockchain will be an interoperable one — with the death of “chain tribalism,” the proliferation of “hundreds of chains” along with an end to cross-chain bridge hacks, according to executives at Korea Blockchain Week.
Backing up the claims are several products slated for release before the end of the year that could see blockchain interoperability efforts move away from current solutions, which execs say don’t make sense and are a “honeypot” for hackers.
Vance Spencer, the co-founder of the crypto-focused venture firm Framework Ventures, told Cointelegraph at KBW that he thinks with many solutions on the horizon, including Chainlink’s Cross-Chain Interoperability Protocol (CCIP), it soon won’t matter what blockchain a project uses.
He said most startups begin on layer-2 solutions such as Optimism or Arbitrum but soon begin to want their own roll-up. “It's like everyone's trying to create the standard,” he said.
Said another way, the interop protocols will accrue more value than L2s themselves over the long term. Especially if there are a lot/too many L2s/chains. The investment is a view on the likely fragmentation of contracts over too many chains, and the value of networking them.
— Vance Spencer (@pythianism) September 7, 2023
In a cross-chain interoperable future, the paradigm will shift and “it's really not gonna matter which roll-up you're on,” Spencer said.
“In the future, it's probably just going to be: ‘Can your contract talk to my contract?’”
Spencer gave the example of CCIP which, he explained, allows a user to have assets on one chain and interact with contracts on another that uses cross-chain messages instead of a blockchain bridge.
ZetaChain core contributor Brandon Truong told Cointelegraph it operates in a similar way to CCIP — the main difference being it’s sent from ZetaChain’s network.
Truong added it sees interoperability becoming standard with new app builders and there will be less “chain tribalism” and more focus on utility.
He added that many older blockchain bridge solutions are “fragmented and often insecure.”
Another product is the upcoming MetaMask Snaps, which will allow developers to launch functionality-expanding apps for the crypto wallet — allowing use with other blockchains, including Bitcoin, Solana, Avalanche and Starknet.
Speaking on a panel at KBW, cross-chain protocol Axelar co-founder Georgios Vlachos believes, at some point, there will be “hundreds of chains” all processing “significant economic activity.”
“At this point, I think it's indisputable given how many people and important companies in this space are building cross-chain and are incentivized to launch their own Layer 1s.”
Vlachos added multiple blockchains are needed as he believes a single blockchain won’t be capable of more than 10 million transactions per day — far below the nearly 530 million daily average transactions payments giant Visa processed in 2022.
Cross-chain … is only the beginning https://t.co/ogJ3DU2R5d
— Axelar Network (@axelarcore) September 11, 2023
“If we want to become foundational architecture for Web2 we need to scale this by an order of magnitude and this is really, really hard,” he said.
“The answer is to scale horizontally and create many, many different blockchains.”
Currently, users wanting to send assets between networks largely use blockchain bridges which Router Protocol founder and CEO Ramani “Ram” Ramachandran thinks are prone to hacks and will soon be replaced by other cross-chain solutions — including one by his protocol.
Ramachandran explained to Cointelegraph at KBW that cross-chain bridges rely on locking up value for it to be represented on another blockchain making them an attractive target and the reason why "so many bridges have been hacked.”
“It's highly inefficient and a big honeypot risk because then you have a billion dollars locked up in the bridge and hackers around the world are literally salivating, licking their chops, trying to hack in and take a piece out."
Ramachandran said one workaround to negate the issue is to source liquidity from multiple wallets — a solution Router plans to launch in the coming weeks.
#PeckShieldAlert @MultichainOrg has been drained of ~$126M worth of cryptos, ranking it at #6 on our cross-chain bridge exploit leaderboard.
— PeckShieldAlert (@PeckShieldAlert) July 7, 2023
Additionally, #PolyNetwork, which was exploited for ～$25M, stands at #8.
As of today, ~$1.92B associated with cross-chain bridges has… pic.twitter.com/UvJF8BwQfs
It would see those wanting to move funds between chains use a tool more akin to a peer-to-peer transfer with a middleman taking on the role of fulfilling orders for cross-chain swaps for a fee.
“This middleman acts as a courier. [They] fulfill the destination side and then submit a proof saying ‘Okay, I've done this. Now give me my money,’” Ramachandran explained.
“There’s no locked, steady liquidity on a bridge or semi-centralized bridge, this all stays in the intermediary wallets.”
However, the need for immediate cross-chain interoperability isn’t only for the benefit of users but is needed for the industry to cement its legitimacy by providing real-world use cases, Chainlink co-founder Sergey Nazarov said in a keynote at KBW.
He believed successful Web3 apps must be able to connect to all blockchains easily and users can seamlessly use apps across chains “without any concern.”
With Swift, multiple leading market infrastructures and the largest major financial institutions now clearly seeing the value of tokenization, we are nearing an inflection point for blockchain adoption in capital markets.
— Sergey Nazarov (@SergeyNazarov) September 8, 2023
Chainlink and CCIP are key infrastructure to enable this… pic.twitter.com/uCiQtQzxGh
He said the idea of choosing one blockchain and being “stuck” there with its market and infrastructure “really doesn't make sense because that's not how the internet works.”
“Our industry is going to be based on [the] ability to provide reliable use of systems that don't exist today,” Nazarov said. He added if a user puts value into an app it should be safe and reliably accessible to them when it moves somewhere else.
“If we don’t meet that minimum standard, then we will remain in a place where this will look like a toy to people or would look like a confused idea.”
Nazarov opined the banking system would bring in the next level of Web3 usage and adoption due to their value.
“Frankly, our industry needs to find a way to take the value in banks and get that value into blockchains.”
He said banks and the global financial system see a lot of value in blockchain and digital assets and Chainlink is working on how to connect banks both to each other and to public blockchains so the bank's value “flows into the public blockchain world.”
Related: 'Pure’ DeFi has little chance for real-world use because of need for oracles: BIS
The issue Nazarov sees is the technical and legal barrier between the banks and blockchains and both are wanting to come together.
“It's, at least to me, completely obvious that the banking and the public blockchain world want to connect, but they can't for two reasons: There isn't legal clarity on how they connect and the technical process of connecting doesn't exist.”
“Frankly,” he added, “the more value flows into our industry the more we all benefit.”
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A popular crypto trader is updating his outlook on Chainlink (LINK) as the digital asset continues to chop around. Pseudonymous trader Altcoin Sherpa tells his 196,200 followers on the social media platform X that blockchain oracle Chainlink is likely going to take months before breaking out of a persistent trading range. “LINK: still one of […]
The post Analyst Updates Outlook on Chainlink, Avalanche, Fantom and One Altcoin That’s Exploded Over 700% in Matter of Weeks appeared first on The Daily Hodl.
A widely followed crypto analyst believes one mid-cap altcoin may be setting the stage for a bullish breakout. Crypto trader Michaël van de Poppe tells his 666,400 followers on the social media platform X that the blockchain oracle Chainlink (LINK) may break out against Bitcoin (BTC). The trader says that although Chainlink has revisited the […]
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