Astar Network Integrates Chainlink (LINK) Cross-Chain Interoperability Protocol (CCIP)

One of the fastest-growing blockchains seeking to become Polkadot’s “smart contract hub”, Astar Network, has announced a strategic partnership with Chainlink (LINK)

A recent development has seen Astar Network, a blockchain aiming to become Polkadot’s “smart contract hub”, announce a strategic partnership with Chainlink (LINK) to integrate its Cross-Chain Interoperability Protocol (CCIP) into its smart contract platform.

This integration will reportedly assist developers across different chain networks to expand and build on the Astar Network. Commenting on this, the Head of Astar Foundation, Maarten Henskens, disclosed that the integration marks a significant milestone in its dedication and contribution to the Web3 ecosystem.

According to a statement released by Astar Network, the integration of the industry-standard Chainlink CCIP will mark a significant milestone in our commitment to providing Web3 developers with top-tier infrastructure for building dApps. Chainlink will empower developers across the multi-chain ecosystem to securely expand and innovate on Astar Network. We eagerly anticipate the innovative solutions our developer community will build with CCIP, the blockchain interoperability standard.

The integration of Chainlink CCIP is set to support a scalable and secure cross-chain economy, relevant to both Decentralized Finance (DeFi) and Traditional Finance. It is regarded as the only interoperability protocol that possesses level-5 cross-chain security, implying defense-in-depth security backed by Chainlink’s oracle network, which has secured billions of dollars and facilitated $12 trillion in on-chain transaction value over the years.

Important Features of Chainlink’s CCIP

In a blog post published by Astar Network to announce this groundbreaking development, several important features of Chainlink’s CCIP were highlighted. One of the notable mentions is its Programmable Token Transfers feature.

According to an explanation offered on Chainlink’s official website, this feature facilitates the instructions for tokens to be sent to a receiving smart contract on a different blockchain.

The rest of the listed features that reportedly distinguish it from its competitors are Simplified Token Transfers, seamless integration, reliable transaction execution, and extendable and future-proof.

With CCIP, token transfers allow both users and smart contracts to execute cross-chain token movements seamlessly. Additionally, CCIP’s arbitrary messaging capabilities enable developers to create sophisticated cross-chain smart contracts, allowing them to send data and trigger function calls on smart contracts deployed on other blockchains. This versatility makes CCIP an essential tool for developers aiming to create interoperable and efficient blockchain solutions.

Just recently, Ethereum layer 2 platform Mode announced that it is integrating Chainlink’s CCIP as its canonical cross-chain infrastructure to support its effort to expand the broad range of use cases within the DeFi ecosystem. Earlier, CNF also reported that Alaska Gold Rush has integrated the CCIP to make their in-game token, CARAT, transferable across chains.

Amid the backdrop of these exciting announcements, the native token of Chainlink (LINK) struggles to sustain its value as it records substantial losses across all the notable trading periods. According to our data, the asset has declined by 5% in the last 24 hours, 6.3% in the last seven days, 6.2% in the last 30 days, 11% in the last 90 days, and 15.9% from year to date.

Regardless, renowned analyst Ali Martinez believes that LINK could easily target the $18 mark once it crosses $14 from the current price of $13.

Chainlink appears to form a head-and-shoulders pattern on the 4-hour chart. A sustained close above $14.7 could send $LINK to $18.3!