- Chainlink has unveiled its latest product “Transporter”, a cross-chain bridge that allows the secure transfer of assets across networks.
- So far, the bridge will service several big DeFi protocols like Ethereum (and associated L2s), Binance Smart Chain, Base and more.
- The price of LINK gained 2% overnight upon release of the news, with several industry analysts suggesting the coin may see further gains going forward.
Chainlink has become one of the most active projects in the crypto sector, forming several keynote partnerships with major industry players across the past 12 months. The blockchain oracle is particularly noteworthy for its work on interoperability, launching its Cross-Chain Interoperability Protocol (CCIP) to great effect. Continuing down this path, Chainlink announced today the introduction of “Transporter”. So what is Transporter and how is it helping the Web3 world become more connected?
Related: Analyst Identifies Must-Buy Altcoins Pre-Bitcoin Halving, Predicts Explosive Narrative Shift
A “Secure” Bridge for Moving Assets Cross-Chain: Here’s What it Means for the Industry
Blockchain bridges are a bit of a contentious topic. They have become a necessity in a space filled with competing networks, where cryptocurrencies that work in one DeFi ecosystem do not in another. However, exploits on blockchain bridges can be commonplace and have resulted in some of the biggest hacks and loss of funds in DeFi history. So creating a secure way to transfer crypto across chains is a huge step in creating an interoperable, decentralised system.
Chainlink’s “Transporter” is set to be a “cost-efficient way to make high-value token transfers across blockchains”, available to both casual users and businesses. The key goal of Chainlink’s new technology is to make bridging assets secure – something the industry has been crying out for.
For now, the bridge will connect several prominent DeFi networks, including Arbitrum, Avalanche, base, Binance Smart Chain, Ethereum, Optimism, Polygon and WEMIX, with more to come in the future. Chainlink founder Sergey Nazarov spoke to how Transporter might become an industry game-changer.
Having a secure way to move both value and data across chains is something the blockchain industry has needed for years.
Sergey Nazarov, Chainlink Founder The market’s reaction to the news was fairly muted, with the price of LINK rising about 2% in the past 24 hours. However, according to some analysts, Chainlink still provides an excellent buying opportunity as the market moves into its post-halving cycle.
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