September 27, 2023 at 14:57 GMTModified date: September 27, 2023 at 14:57 GMT
September 27, 2023 at 14:57 GMT

Chainlink’s CCIP launches on Base

The Chainlink oracle has extended its cross-chain capabilities to Base, an Ethereum layer-2 network designed by Coinbase.

Chainlink’s CCIP launches on Base

The Chainlink oracle has extended its cross-chain capabilities to Base, an Ethereum layer-2 network designed by Coinbase. 

Chainlink has enabled its Cross-Chain Interoperability Protocol (CCIP) on Base. CCIP serves as a cross-chain communication protocol designed to facilitate interaction between different blockchains and traditional Web2 applications, including SWIFT’s payment system. 

“CCIP provides onchain developers with a secure, easy-to-use interface to build secure applications that can send messages, transfer tokens, and initiate actions across blockchains,” the press release said. 

As Chainlink is the primary oracle for the Base network, several notable projects, including Raft, Nuon, Folks Finance, and Polychain Monsters, have already begun integrating CCIP into the Base network.

“With CCIP now live on Base, developers have access to the leading interoperability protocol to easily build cross-chain applications and services,” said Johann Eid, chief business officer at Chainlink Labs.

Chainlink’s progress on Base

The journey of CCIP on Base began in July when it went live on the network’s Early Access mainnet. DeFi pioneers Synthetix and Aave were among the early adopters. 

During this phase, Chainlink collaborated with SWIFT and numerous financial institutions and infrastructure providers to conduct experiments showcasing the seamless transfer of tokenised value across various blockchains, both public and private.

In August, Chainlink price feeds were integrated onto Base, which opened up access for developers to Chainlink’s data feeds and other Web3 services. 

“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,” said Jesse Pollak, creator of Base.

Base’s recent success

Base has gathered substantial attention and success after only launching at the beginning of August 2023. It promotes itself as offering a secure, cost-effective, and developer-friendly platform for on-chain development. 

Coinbase collaborated with Optimism to createBase on the OP Stack.

Base has since rapidly climbed to become the eighth-largest blockchain by Total Value Locked (TVL) across networks, surpassing even Solana ($SOL), a well-established player in the blockchain arena. According to DefiLlama , Base boasts a TVL of $335million, outpacing Solana’s $310m.

Notably, Base has also overtaken prominent blockchains such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano in terms of TVL.

In the past month alone, the TVL of the Base network has surged by an impressive 79%, reflecting the increasing interest from various projects seeking to join the network. For example, the decentralised finance lending platform Compound went live on Base in mid-August. 

Is there a Base token? 

Despite initial denial from Coinbase, its chief legal officer Paul Grewal has recently hinted at the possibility of issuing a token for Base. 

This statement marks a departure from Coinbase’s earlier stance, where they explicitly stated no intentions of launching a token during Base’s initial launch.

Grewal commented: “It’s not something we’ve ruled out entirely.” This shift in Coinbase’s perspective raises intriguing questions about the future of Base and its potential tokenisation.

During Base’s launch last month, Coinbase said that they were not intending to launch a native crypto. The network even stated in their Twitter bio: “We have no plans to issue a new network token.”

At the time of writing, there are no other plans or signs of an incoming token launch from Base.

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