- Weset integrates Chainlink CCIP to enable cross-chain transfers of its WECO token between BNB Chain and Ethereum.
- The integration increases liquidity, enhances user experience, and simplifies Weset’s infrastructure.
Weset, a platform specializing in tokenizing real-world assets, has announced the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) across the BNB Chain and Ethereum mainnets.
Tokenized RWA platform @WESET_io has integrated #Chainlink CCIP across @BNBCHAIN and @ethereum to enable cross-chain transfers of its native token.
How CCIP unlocks cross-chain WECO transfers ↓
— Chainlink (@chainlink) June 6, 2024
The integration of Chainlink CCIP aims to increase liquidity by unlocking new liquidity pools on Ethereum. This benefits Weset users by potentially offering better exchange rates and deeper markets for WECO. According to the announcement, users can now effortlessly bridge their WECO tokens between the BNB Chain and Ethereum, accessing their preferred decentralized finance (DeFi) platforms.
By facilitating cross-chain transfers, Weset simplifies its infrastructure, streamlining the bridging process and providing a standardized solution for WECO transfers. This integration supports Weset’s goal of making real-world asset tokenization more accessible and efficient.
Weset’s choice of Chainlink CCIP stems from Chainlink’s established reputation for security and reliability in the Web3 space. The platform previously integrated Chainlink Automation to streamline payouts for its real-world asset (RWA) tokens.
Chainlink’s decentralized oracle networks secure billions of dollars in smart contract value, providing a trustworthy foundation for Weset’s cross-chain operations. CCIP’s pre-built, audited token pool contracts manage the complexities of cross-chain transfers, with additional security measures such as rate limits ensuring smooth integration with existing DeFi ecosystems.
Future-Proofing Cross-Chain Capabilities
CCIP’s programmable token transfer feature allows for advanced functionalities, enabling specific instructions to be attached to WECO tokens for execution on the destination chain. This flexibility supports Weset’s vision of expanding its cross-chain capabilities and future-proofing its infrastructure.
The integration with Chainlink CCIP marks the beginning of Weset’s multi-chain journey. The platform plans to bridge WECO to additional networks such as Polygon and Arbitrum, potentially opening up more DeFi opportunities for its users. Additionally, Weset is also exploring the potential of integrating other Chainlink services. For instance, incorporating Chainlink Price Feeds into the Weset marketplace could provide users with access to reliable and decentralized price oracles.
Chainlink’s Profitability Soars Despite Recent Setback
According to on-chain data, 86.8% of Chainlink’s total supply is held above the cost basis at which it was acquired by token holders. This positions Chainlink behind Bitcoin, with 98.3% of its supply in profit, and Ethereum, with 95.1% of its supply held in profit. Currently, 425,620 addresses, representing 61% of all LINK holders, are “in the money,” based on IntoTheBlock’s data.
Conversely, 241,540 addresses, accounting for 35% of all Chainlink holders, are “out of the money,” meaning they hold the altcoin at a loss. This contrast highlights the significant number of LINK investors benefiting from their holdings despite a minority experiencing losses.
As of this writing, Chainlink is trading at $17.57 with a 24-hour increase of 2%. Data from CNF Marketplace reveals a 3% decline in its price over the past seven days, attributed to a slight drop in daily demand for the altcoin during that period. On-chain data from Santiment indicates a decrease in the daily count of addresses involved in LINK transactions over the last week. When assessed using a seven-day moving average, the number of LINK’s daily active addresses has dropped by 3% in that timeframe.
Credit: Source link
