Leading multi-chain decentralized platform Sushi is set to team up with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to help power cross-chain swaps and airdrops, providing users with seamless interoperability, increased security, and enhanced liquidity across the DeFi ecosystem.
What is Chainlink CCIP?
Chainlink’s Cross-Chain Interoperability Protocol is like a trusted bridge that enables smart contracts to communicate securely with real-world data and services outside of blockchain networks.
In the world of web3, Chainlink CCIP has a strong reputation for being secure and reliable, leading to its launch on multiple blockchains like Arbitrum, Avalanche, Ethereum, Optimism, and Polygon.
For additional security, Chainlink CCIP has a special system called the Risk Management Network, designed with the intention of making data safer. This system keeps an eye on cross-chain operations to make sure all activities go smoothly and to detect any suspicious movement before it becomes a problem for users. So, it acts like an extra layer of protection to keep users safe while using SushiXSwap.
Sushi’s integration with Chainlink CCIP will enable significant capabilities such as Token Transfer, Arbitrary Messaging, and Programmable Token Transfer to the platform.
Johann Eid, Chief Business Officer of Chainlink Labs, said:
“We’re pleased to support secure and reliable cross-chain swaps on Sushi via Chainlink CCIP. This integration will deepen liquidity and pave the way for a Web3 economy that could encompass over a billion users”.
As a platform that functions on more than 25 different blockchain networks, this development follows Sushi’s goal of making cross-chain swaps easier for users. Chainlink CCIP will handle all the different processes the token can work with, so no matter how a token is connected through SushiXSwap, users can experience a smooth transaction.
The head chef at Sushi, Jared Grey, expressed how thrilled the team is to embark on this development. According to him, the protocol will not only make cross-chain token transactions highly secure, but it will also enable the expansion of SushiXSwap’s functionality and further fortify the platform’s position as a multi-chain leader. The integration is set to go live in the fourth quarter of 2023.
Earlier this month, Sushi expanded into the Aptos blockchain, marking the protocol’s first integration with a blockchain that is not natively compatible with the Ethereum Virtual Machine (EVM). Sushiswap token currently trades at $0.6392, according to data from CoinStats.
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