A representative from Chainlink shared with CryptoMoon that their newest application for cross-chain messaging is designed to tackle the significant security challenges associated with transferring cryptocurrencies between different blockchains.
“Chainlink CCIP, which underpins Transporter, is the only cross-chain protocol that achieves level-5 security, a defense-in-depth design to give users true peace of mind.”
On April 11, Chainlink introduced Transporter, an intuitive cross-chain messaging application for facilitating token transfers between blockchains, which is based on the Cross-Chain Interoperability Protocol (CCIP) developed by Chainlink. The user-friendly app aims to enhance security in cross-chain crypto transactions.
Users can utilize cross-chain bridges to conduct transactions between various blockchain platforms. These bridges hold crucial roles, yet they also pose potential risks within the crypto sphere.
In 2022, over $600 million in cryptocurrency was taken from Axie Infinity’s Ronin Bridge in one of the biggest crypto heists on record. The attackers successfully exploited a weakness in the bridge’s multi-signature security system.
With the help of Transporter, users can effortlessly monitor their cross-chain transactions as they happen, thanks to Chainlink’s CCIP Explorer. There are no extra transaction fees required aside from what is charged by the CCIP service provider.
At present, it is compatible with Arbitrum, Avalanche, Binance Smart Chain, Ethereum, Optimistic Ethereum, Polygon, and WEMIX blockchain platforms.
Cross-chain vulnerabilities account for 50% of DeFi hacks
Starting in 2016, Decentralized Finance (DeFi) platforms have experienced a total loss of approximately $5.85 billion in cryptocurrency due to hacks. Nearly half of this amount, equating to around $2.83 billion, can be attributed to attacks on cross-chain bridges based on data from DeFiLlama.
Transporter works to minimize risks during the transfer of assets between different blockchains, providing a secure solution for both large organizations and individual users.
“Transferring crypto across chains has historically been a risky activity, with bridge hacks accounting for nearly 50% of all value hacked in Web3. Transporter leverages Chainlink CCIP’s unmatched levels of security, which include an independent Risk Management Network that continuously monitors and validates the behavior of every cross-chain transaction over CCIP.”
Although the number of cross-chain exploits has decreased this year, bridge vulnerabilities in blockchains remain an attractive target for hackers. In early January, Orbit Chain suffered a significant loss of approximately $81 million in digital assets as a result of a weakness in its cross-chain bridge.
Read More
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Can Ethereum ETFs outperform Bitcoin ETFs – Yes or No?
- Chainlink to $20, when? Why analysts are positive about LINK’s future
- Citi analysts upgrade Coinbase stock to ‘BUY’ after +30% rally projection
- Why iShares’ Bitcoin Trust stock surged 13% in 5 days, and what’s ahead
- Spot Solana ETF approvals – Closer than you think?
- Orca crypto price prediction: Buying opportunity ahead, or bull trap?
- Top 10 Stocks and Crypto Robinhood Alternatives & Competitors
- ‘China’s going to have it’ – Donald Trump crypto stance, finally explained
2024-04-11 19:03