Solv Protocol has moved its cross-chain infrastructure to Chainlink CCIP after growing security concerns around DeFi bridges. The Bitcoin-focused platform said it will shift more than $700 million in SolvBTC and xSolvBTC assets away from LayerZero support.
The move follows a series of cross-chain exploits across the wider crypto sector. It also comes after recent security incidents involving LayerZero-connected systems.
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Solv Drops LayerZero Bridges for Chainlink CCIP
According to the official announcement, Solv said it will be shutting down LayerZero bridging across Corn, Berachain, Rootstock, and TAC chains. The protocol will now adopt Chainlink CCIP as its interoperability solution.
According to Solv, the decision followed a review of security risks in cross-chain bridging operations. In particular, the protocol pointed to the vulnerability of large asset pools in such bridges.
Solv said cross-chain bridges still pose some of the biggest risks in decentralized finance. This came from the observation that such bridges face repeated attacks due to inherent vulnerabilities.
In addition, the firm pointed out the added security provided by Chainlink’s CCIP solution. It also highlighted the decentralization and uniformity of security controls offered by Chainlink.
According to Johann Eid, Chief Business Officer at Chainlink Labs, this reflects a wider industry shift. In particular, the chief business officer said the sector is moving towards standardized security solutions for cross-chain bridges.
Will Wang, CTO at Solv, said this move is meant to strengthen user security. He also pointed out that CCIP enhances the security of Bitcoin-backed assets on the platform.
Kelp DAO Exploit Adds Pressure on DeFi Bridges
This migration follows a $292 million exploit reported last month at Kelp DAO’s LayerZero-powered bridge. As part of this attack, attackers managed to withdraw rsETH assets through flaws in the verification structure.
Security experts have linked this attack to coordinated efforts by a group of actors. This is based on the advanced laundering technique used after the attack.
This hack added pressure to other DeFi projects using cross-chain infrastructure. It further sparked concerns over other projects that handle significant locked assets.
While the origin of these issues is still being discussed, there are two major arguments. One points to bridge design flaws, while the other highlights implementation issues.
In addition, Solv reported its own security issue in March. At this time, an attacker exploited minting flaws to steal $2.7 million from a Bitcoin Reserve Offering vault.
As a result, Solv made reimbursement to affected users. This followed a review of its security protocols in order to plug gaps identified during this incident.
Solv said it would continue analyzing security risks in order to expand more Bitcoin-backed DeFi products. The company said its move to Chainlink CCIP aims to lower systemic risk and improve confidence in cross-chain infrastructure.
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