On April 11, Chainlink unveiled Transporter, their latest development in the field of inter-blockchain connectivity.
Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the app can safely draw information from outside sources and establish trustless communication between different blockchains, empowering smart contracts with access to expanded data sources.
“Sergey Nazarov, Chainlink’s co-founder, noted that it’s been essential for the blockchain sector to have a reliable method for transferring values and information between chains for quite some time.”
Introducing @transporter_io, the latest advancement in connecting different blockchains, fueled by Chainlink’s CCIP technology.
Transporter is your gateway to the multi-chain universe.
Cross chains with confidence:
— Chainlink (@chainlink) April 11, 2024
Chainlink Evolution Continues
Connectedness between various blockchains is significantly contributed by bridges, yet they’ve become recent focal points for exploitation and cyberattacks.
At first, Transporter supports Arbitrum, Avalanche, Binance Smart Chain, Ethereum, Optimism, and Polygon networks.
The Chainlink team emphasized that using bridge assets should not leave users feeling uncertain, akin to tossing tokens into an abyss. Instead, they highlighted Transporter’s clear advantage: its visual transaction tracker delivers real-time updates on the progress of cross-chain transfers from start to finish.
“Nazarov explained that the Transporter simplifies the process of taking advantage of Chainlink’s CCIP security features when moving significant token amounts and important messages between blockchains,” is one possible way to paraphrase the original statement.
On April 11, in a different blog entry, Chainlink presented a novel “lock-and-unlock” system for facilitating the transfer of native tokens, such as Ethereum (ETH), between various blockchain networks through CCIP. This mechanism ensures secure token transfers.
Using the newest update, CCIP provides three options for transferring tokens: burn and mint, lock and mint, and lock and unlock.
Chainlink rolled out a more affordable pricing structure for CCIP, making it one of the most economical options for transferring tokens between different blockchains.
Based on data from Dune Analytics, the costs and earnings for using the CCIP network have significantly increased in recent times. In March alone, an all-time high of $258,170 was reached, which is over three times greater than the previous month’s amount.
LINK Price Outlook
Many altcoins, including LINK, have been experiencing corrections since their peak in mid-March 2024, reaching prices lower than before. However, recent product announcements have positively affected the asset, causing a 4.7% increase within the last 12 hours as it touched an intraday high of $18.
Despite hitting a peak of $21.70 for LINK in 2024 on March 11, its price has since dropped by 18%. Meanwhile, altcoins have shown little excitement or growth.
The value of the asset has dropped by 66% from its highest point in May 2021, which was $52.70. However, analysts believe that LINK holds significant promise during the upcoming “altseason” because of its unique tokenization features that connect it to real-world assets.
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2024-04-13 01:16