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Tuesday, May 21, 2024

LINK Prices Lifted Following Chainlink Transporter Launch

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On April 11, Chainlink announced Transporter, which it described as “the next evolution in cross-chain bridging.”

The app is powered by Chainlink’s Cross Chain Interoperability Protocol (CCIP), which allows smart contracts to securely access data from external systems and enable trustless data connectivity between blockchains.

“Having a secure way to move both value and data across chains is something the blockchain industry has needed for years,” commented Chainlink co-founder Sergey Nazarov.

Chainlink Evolution Continues

Bridges play an important role in connecting different blockchains but have recently been the targets of exploits and hacks.

Initially, Transporter is available for Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, and Polygon.

“Bridging assets shouldn’t feel like throwing tokens into a black hole,” said the Chainlink team, which added that Transporter’s visual transaction tracker provides users with real-time updates on the exact status of their cross-chain transfers, end-to-end.

“Transporter makes it easier to utilize the security benefits of Chainlink’s CCIP for the transfer of large token value and critical messages across chains,” explained Nazarov.

In a separate blog post on April 11, Chainlink also introduced a new “lock and unlock” token transfer mechanism for CCIP. This allows native tokens like ETH to be securely transferred across different blockchain networks.

With the latest feature, CCIP now supports three token transfer methods: burn and mint, lock and mint, and lock and unlock.

Chainlink also introduced an optimized pricing model for CCIP to make it one of the most cost-efficient solutions for cross-chain token transfers.

According to Dune Analytics, CCIP network fees and revenue have surged recently, with a record $258,170 in March, more than 300% higher than the February figure.

LINK Price Outlook

Like most altcoins, LINK has been correcting since its 2024 high in mid-March. However, the recent product announcements gave the asset a 4.7% boost over the past 12 hours as it reached an intraday high of $18.

However, LINK has retreated 18% from its 2024 high of $21.70 on March 11 as altcoins remain lackluster.

The asset is also down 66% from its May 2021 peak price of $52.70, but analysts see big potential in LINK in the coming altseason due to its real-world asset (RWA) tokenization properties.

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