Chainlink (LINK) is experiencing a surge in both price and trading volume as its Cross-Chain Interoperability Protocol (CCIP) goes live on Base. The last 24 hours have seen a remarkable 135% increase in trading volume, signaling a growing investor interest in LINK.
The latest boost follows the recent announcement that the CCIP, a protocol facilitating cross-chain applications and services, is now operational on Base. LINK’s price has responded positively to the news, witnessing a notable 15% rise on the weekly chart and a 6% increase on the daily chart. As of the latest update, LINK is trading at $7.82, expecting further gains.
Chainlink’s Proven Oracle Network
Developers on Base now have access to a secure and user-friendly interoperability protocol, allowing them to build cross-chain applications seamlessly. The CCIP, powered by Chainlink’s decentralized oracle networks, offers a proven track record of securing substantial sums and facilitating over $8 trillion in on-chain transaction value.
Johann Eid, Chief Business Officer at Chainlink Labs, emphasized the significance of this development:
Base’s scalability and technological creativity as a layer 2 solution, combined with an ever-increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services.
Base, functioning as an Ethereum Layer 2 (L2), ensures the necessary security, stability, and scalability to power decentralized applications (dapps). The platform allows projects to confidently deploy any Ethereum Virtual Machine (EVM) codebase and integrate users and assets from Ethereum L1, Coinbase, and other interoperable chains.
Several projects, including Raft, Nuon, Folks Finance, Polychain Monsters, and others, are already integrating Chainlink CCIP on Base. Jesse Pollak, Creator of Base, expressed excitement about the launch:
We’re excited about the launch of CCIP on Base to let developers securely build cross-chain applications, empowering them to experiment further and unlock new use cases.
It follows a series of strategic moves by the network, including the collaboration with DeFi leaders Synthetix and Aave in July and the integration of Chainlink Price Feeds on Base in August. The cryptocurrency community is eagerly watching as LINK’s rally and the CCIP’s adoption continue to unfold.