coinculture.com
Chainlink, a leading decentralised oracle provider, has introduced an app called Transporter that enables cross-chain transfers of cryptocurrencies across networks such as Ethereum, Optimism, Base, Arbitrum, Avalanche, BNB Chain, Polygon, and WEMIX. Transporter leverages Chainlink’s cross-chain interoperability protocol (CCIP) to enhance security and reliability in moving tokens and messages across chains, addressing the historical risks associated with cross-chain transfers, such as bridge hacks that have accounted for nearly 50% of value lost in DeFi.
In 2022, Chainalysis reported that bridge attacks were responsible for 69% of total funds stolen, including a $190 million attack on one crypto bridge, even drawing the attention of North Korean-linked hackers. Chainlink aims to improve these statistics with its CCIP technology.
Secure cross-chain transfers are essential for mainstream adoption, and Transporter seeks to facilitate the movement of cryptocurrencies across a multi-trillion dollar ecosystem with increased security. Bridging protocols often present usability challenges, but Transporter addresses these by offering a seamless user interface and real-time visibility of cross-chain transactions, providing users with insight into the status of their transfers.
Transporter’s real-time tracking capabilities and user-friendly interface aim to provide “peace of mind” for users by offering a transparent view of their token transfers across different networks. Users will only pay the standard Chainlink CCIP fees, with options to pay using LINK or wrapped gas tokens.
Upon its launch, Transporter has gained support from venture capital firms Fourth Revolution Capital and Moonrock Capital, both seeing the app as a potential game-changer and new standard for cross-chain transactions.