Metis Layer 2 Network Integrates Chainlink's CCIP Cross-Chain Interoperability Protocol

Metis integrated CCIP on Aug. 8, with the protocol now serving as the network's canonical cross-chain infrastructure.

Layer 2 network Metis (METIS) has integrated Chainlink's (LINK) cross-chain interoperability protocol (CCIP) to facilitate cross-chain transfers and messaging for Chainlink's native token.

The integration, which was completed on Aug. 8, will see CCIP act as the canonical cross-chain infrastructure for the Metis network. Initially, the integration will support transfers of Chainlink's LINK token between the Metis and Ethereum networks.

However, Metis plans to expand support for additional blockchains and tokens in the future. The project highlighted that CCIP will also facilitate the creation of cross-chain decentralized exchanges (DEXs) and lending protocols supporting Metis.

Furthermore, the integration will allow METIS holders on multiple networks to participate in decentralized autonomous organization (DAO)-based governance and support programmable cross-chain transfers.

Metis also hopes that CCIP will facilitate the growth of on-chain real-world assets on Metis. “CCIP will unlock a whole host of cross-chain use cases for the Metis ecosystem, transforming DeFi, DAOs, and more,” said Johann Eid, chief business officer at Chainlink Labs.

“With cross-chain applications underpinned by the industry-standard CCIP, liquidity is set to flow into Metis ecosystem and help scale DeFi,” said Kevin Liu, co-founder of Metis.

The price of METIS is down 25% in the past 30 days, trading at $40.27 at the time of writing, according to CoinGecko. Meanwhile, Chainlink's LINK token has also seen a 22.8% decrease over the same period, trading at $21.03.

Metis is currently the 12th-largest Ethereum Layer 2 by total value locked (TVL), boasting $261.5 million, based on data from L2beat. Notably, 83.6% of the network's TVL is in its native METIS token.

DeFiLlama estimates that $51.6 million is currently locked in Metis-based decentralized finance (DeFi) protocols.

Chainlink CCIP expands market share

The integration comes as CCIP's market share is quickly expanding following its permissionless launch on April 25.

Since its whitelisted mainnet launch in July 2023, the protocol has facilitated $198 million worth of token transfers — 41% of which were executed since the permissionless launch, according to Dune Analytics.

Moreover, CCIP has accumulated roughly $835,600 in fees, a quarter of which was generated since April 25 and 81% of which was accrued this year.

CCIP boasts adoption from major tradfi institutions, including Swift, Australia and New Zealand Bank (ANZ), and the U.S. Depository Trust & Clearing Corporation (DTCC).

Meanwhile, Chainlink's broader infrastructure suite has facilitated more than $12 trillion worth of cumulative transaction volume.