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Chainlink To Enable Cross-Chain Smart Contracts in 2022


bctd.news 07 January 2022 13:41, UTC
Reading time: ~2 m

Ethereum-based decentralized oracle network Chainlink announced that it will launch the Chainlink Cross-Chain Interoperability Protocol (CCIP) this year.

Talking about the ecosystem’s future, the CEO Sergey Nazarov said that the CCIP is an app addressed to solving challenges of cross-chain communications. By forming various blockchain bridges, CCIP will enable moving cryptos across chains and apps, but it will not be limited to it.

Nazarov says the platform will bring cross-chain smart contracts to life. According to him, it will be the third milestone of how the definition of smart contracts will develop. This goes beyond the capability of smart contracts communication on one chain. CCIP will allow building a smart contract that is actually several contracts on several chains that are able to interoperate. The change will redefine the way of creating smart contracts, making it similar to web application development.

Chainlink has had significant growth in 2021, with an increasing number of games, yield farming, borrowing, lending and other projects integrating its solutions. The total value secured by Chainlink presently is more than $75 bln. At the end of 2020, the TVL stood at $7 B, which means ten times increase.

Along with growth, Chainlink awards the community through a Grant Program. On January 7, The Link Marine received a grant to enhance the website https://www.chainlinkecosystem.com/.

The price of Chainlink's native token, LINK increased by 23.8% in the last 7 days, despite Bitcoin and other cryptos seeing declines. At the moment, LINK trades at around $25 with a market cap of over $11.7 bln.


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