Chainlink’s CCIP Goes Live, Polygon's Proposals, Coreum & Ledger, Partnerships & More
Chainlink’s CCIP Goes Live, Polygon's Proposals, Coreum & Ledger, Partnerships & More
Week Roundup (September 18 – September 24, 2023)
Welcome to Swing's Weekly Newsletter, your source for major cross-chain developments in the blockchain world.
🔀Cross-Chain Updates
1. Australian Bank ANZ leveraging Chainlink’s CCIP for cross-chain operability
👉 ANZ, a major Australian bank, has successfully executed a transaction using its A$DC stablecoin and Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This development demonstrates ANZ's ability to transfer funds across various blockchain networks, highlighting the bank’s ongoing experiments with on-chain asset deployment.
The collaboration with Chainlink aims to explore the potential for seamless integration between banks and the crypto sector, utilizing CCIP as a universal messaging interface for diverse chain communication.
2. Sushi Integrates Chainlink CCIP for Secure Cross-Chain Swaps
👉 Sushi, a prominent decentralized exchange, announces its integration with Chainlink’s CCIP across multiple mainnets.
The DEX wants to revolutionize cross-chain swaps with enhanced security, seamless interoperability, and increased liquidity across the DeFi ecosystem.
The integration leverages CCIP’s advanced features like Arbitrary Messaging and Token Transfer, enabling secure and efficient token swaps across various blockchains. The collaboration is set to go live in the fourth quarter of 2023.
3. Provenance Blockchain and Axelar Integrate for Global Access to Real-World Assets
👉 Provenance Blockchain and Axelar have united to bolster cross-blockchain financial connectivity. Provenance, with $8 billion in real-world asset value, and Axelar, connecting 49 chains, aim to streamline global asset transfers.
This integration supports the burgeoning tokenized asset market, anticipated to hit $16 trillion by 2030. The goal is to reach efficient, secure asset movement and enhance liquidity.
The collaboration links Provenance's extensive on-chain assets to Web3, backed by Axelar’s robust network. Anthony Moro, Provenance CEO, and Sergey Gorbunov, Axelar co-founder, emphasize the integration's role in enhancing seamless asset transfer across Web3, marking a significant stride in financial service modernization and blockchain interoperability.
4. Polygon Publishes Proposals to Replace MATIC and Enhance Infrastructure
👉 Polygon Labs has proposed infrastructural enhancements and a new token, POL, to replace MATIC as part of the Polygon 2.0 roadmap.
The first proposal, PIP-18, titled “Phase 0,” outlines four milestones requiring no action from developers and end-users on Polygon PoS and zkEVM chains.
PIP-17 suggests the introduction of POL as Polygon’s native asset, allowing a one-to-one migration from MATIC if approved.
The third proposal, PIP-19, aims to upgrade Polygon’s native gas token system, transitioning from MATIC to POL while ensuring backward compatibility.
Subject to community approval, these proposals are expected to commence in Q4 2023.
5. Chainlink CCIP Goes Live on Arbitrum One
👉 Chainlink and Arbitrum have announced the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One, offering a secure interface for building cross-blockchain applications.
Johann Eid from Chainlink emphasized the role of Layer 2 solutions like Arbitrum in enhancing the Ethereum ecosystem and highlighted CCIP’s contribution to growth, accessibility, and innovation.
Arbitrum One, an optimistic rollup for Ethereum, combined with CCIP, allows developers to build high-throughput, low-cost dApps, unlocking various use cases such as cross-chain tokenized assets, collateral, gaming, data storage, and computation.
The integration is already seeing adoption from projects like BetSwirl, Galaxis, and others, reinforcing the commitment to providing secure and reliable solutions for developers on Arbitrum One.
6. LayerZero and MintDAO Join Forces for Cross-Chain Innovation
👉 LayerZero and MintDAO have partnered to revolutionize NFT minting and trading across various blockchain networks. LayerZero’s advanced two-way cross-chain messaging system will enhance minting transactions, while MintDAO focuses on NFT mints, community growth, and innovative features.
The partnership will streamline NFT minting, making it more efficient and faster, benefiting creators and collectors. The partnership also emphasizes community growth, aiming to create a larger, engaged NFT community.
The introduction of ONFT (cross-chain non-fungible tokens) is a significant feature of this collaboration, marking a substantial advancement in the market. Interoperability is at the heart of this partnership, allowing seamless communication between different blockchains, enhancing liquidity use cases, and reducing risks.
7. Ledger Live Welcomes Coreum: A New Era of Cross-Chain Programmable Assets
👉 Coreum and Ledger announce a partnership, enabling users to manage Coreum assets securely from hardware wallets and interact with Ledger Live’s ecosystem. Coreum, a bonded proof-of-stake blockchain, is designed for decentralized applications, offering modularity, WASM Smart Contracts, and IBC interoperability features.
8. Wormhole integrates native USDC transfers for four blockchain networks
👉 Wormhole integrates Circle’s Cross-Chain Transfer Protocol, allowing USDC transfers between Ethereum, Avalanche, Arbitrum, and Optimism. It will reduce liquidity issues and user confusion by creating a natively cross-chain USDC that can be burned and minted across connected chains.
📰 Swing Ecosystem Updates
1. Qredo's Groundbreaking Partnership With Circle And Etherspot
👉 Qredo announces a partnership with Circle and Etherspot to launch a cross-chain USDC toolkit. Users can connect their Circle Account to Qredo’s non-custodial wallet for secure and efficient USDC transactions across multiple chains. Expect seamless minting and redeeming of millions of USDC weekly, enhanced transactions in Web3, global payroll management, and DeFi interactions. The toolkit also includes QSign Paymaster, allowing users to pay gas fees across chains using only USDC, simplifying cross-chain transactions and reducing costs.
2. deBridge introduced Exact Output Amount
👉 deBridge introduced Exact Output Amount. This feature improves the DeFi ecosystem by providing users with precise and reliable transaction outputs. Thanks to this, users will get more efficient and secure operations across the platform.
The Exact Output Amount feature is a significant step towards optimizing cross-chain transactions, offering users enhanced control and predictability over their trades and transfers.
3. Swing Integration Proposal
👉 Swing presents an integration proposal with Osmosis. The proposal outlines plans to optimize the Swing platform by supporting cross-chain swaps between the supported EVM chains and any Cosmos ecosystem token.
📊Bridge Stats
Key data insights from the bridging ecosystem in the past week👇
Bridge Volume
Bridge Inflows
Disclaimer: Data sourced from DefiLlama
📜Interesting Reads
1. Elliptic Details Evolution of ‘Crypto Crime Displacement’ in Latest Research
Elliptic's research highlights the surge in cross-chain crime, paralleling DeFi's rise. Criminals increasingly use cross-chain or cross-asset swapping methods to launder illicit cryptocurrencies, reaching an alarming $4 billion in 2022.
The report emphasizes the “crime displacement” phenomenon, where criminals adapt their tactics in response to preventative measures. The growing trend of cross-chain crime underscores the vulnerabilities of crypto platforms, potentially catalyzing more stringent oversight from regulators and emphasizing the need for practical solutions to combat this rising tide.
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