Chainlink Integration Empowers Stader’s Cross-Chain Liquid Staking
Stader Labs has joined the growing list of crypto infrastructure providing integrating Chainlink’s CCIP.
Despite the promising ecosystem updates, LINK is trading at a loss at the moment.
Stader Labs, a non-custodial, smart contract-driven staking platform with over $600 million Total Value Locked (TVL) has announced the integration of Chainlink (LINK) Cross-Chain Interoperability Protocol (CCIP).
According to Chainlink, Stader will integrate its CCIP across Ethereum (ETH) and Arbitrium (ARB) to improve its Cross-Chain Liquid staking experience for its users.
Stader Leverages on Chainlink’s CCIP
The CCIP created by Chainlink aims to standardize cross-chain interactions using decentralized oracle networks. It facilitates secure data sharing and transaction execution across several blockchain platforms, thus making it a critical tool for establishing interoperability in the Decentralized Finance (DeFi) ecosystem.
.@staderlabs_eth—a liquid staking protocol with $600M+ TVL—has integrated CCIP across @ethereum & @arbitrum to unlock cross-chain transfers of its liquid staking token ETHx.
Stader is also sponsoring the ETHx/ETH #Chainlink Price Feed on Ethereum.
— Chainlink (@chainlink) April 16, 2024
Stader stated in a blog post that it chose CCIP as its preferred interoperability solution because Chainlink demonstrates a track record of maintaining a high standard of security and reliability in the Web3 industry. As a result, Stader Labs hopes to leverage CCIP’s Simplified Token Transfer capabilities to improve cross-chain transfers of its liquid token (ETHx), enabling a more seamless and secure cross-chain experience for Stader users.
Amitej Gajjala, Co-Founder of Stader Labs commented on the integration stating, “We’re excited to integrate the industry-standard Chainlink CCIP to help secure cross-chain transfers of ETHx. By leveraging CCIP’s level-5 security and advanced risk management infrastructure, we can help increase the adoption of ETHx across DeFi.”
Another key CCIP feature Stader hopes to leverage is its plug-and-play solution which consists of audited token pool contracts that handle the complexity of burning and minting or locking and minting tokens across chains. CCIP Token Transfers also include additional security features such as Rate Limits, allowing partners in the ecosystem to develop new functionalities around ETHx using a single CCIP interface.
Moreover, CCIP is designed to support ongoing updates, such as the integration of new blockchains, the introduction of enhanced functionality, and the incorporation of various defense-in-depth approaches to security. Therefore, integrating CCIP with Stader eliminates switching costs whenever new cross-chain features are required in the future.
The fact that CCIP messages are programmable is also important for Stader as ETHx transfers and arbitrary data transfers can be done in a single transaction. This allows instructions to be passed in the data payload regarding what to do with the ETHx tokens upon arrival at the destination chain.
Other Integrations with Chainlink’s CCIP
It is vital to emphasize that Stader’s integration with Chainlink’s CCIP is just one of several that have occurred recently. Reiterating Crypto News Flash’s earlier reports, Dinari Global also announced the successful integration of Chainlink CCIP.
Dinari said it plans to enable seamless cross-chain transfers of USD+, its fully backed yield-bearing stablecoin. Through this connection, USD+ can facilitate payments and act as collateral for the whole on-chain economy.
Per Crypto News Flash’s earlier announcement, Metis, an emerging blockchain network also announced its integration with Chainlink’s CCIP. The integration positions Metis at the forefront of blockchain interoperability, enabling users to transfer assets quickly and securely across different networks.
This broad integrations of CCIP has a major undertone for Chainlink’s native token LINK. However, at the time of writing, LINK is trading at $12.82, down by 2% in the past day, with its market capitalization standing at $7.5 billion, figures showcasing the bullish sentiment is yet to set in.
The post Chainlink Integration Empowers Stader’s Cross-Chain Liquid Staking appeared first on Crypto Adventure.
Filed under: Bitcoin - @ April 19, 2024 12:00 am