ChainSwap Uses Chainlink CCIP To Power Cross-Chain Swaps, Soon To Be Instant And Available Through Telegram Bot
27 Junio 2024 - 1:15AM
Over the last four months, ChainSwap has been leveraging the
capabilities of Chainlink CCIP — the industry standard for secure
cross-chain interoperability — across Ethereum, Arbitrum, Polygon,
Avalanche, Optimism, and Base mainnets. By utilizing Chainlink
CCIP’s token transfer mechanism, ChainSwap enables secure, seamless
swaps between tokens on the enabled blockchains, showcasing what is
possible when you build a robust platform on Chainlink CCIP.
Why ChainSwap
Chose Chainlink CCIP
Chainlink CCIP was
selected for its unparalleled security, achieving level-5
cross-chain security and being backed by the Risk Management
Network, an independent network of nodes that acts as a secondary
validation service for detecting and halting anomalous activity.
This integration ensures that users can enjoy secure, seamless
cross-chain swaps, addressing the historical risks associated with
cross-chain infrastructure.
Performance,
Security, and Impact of Integrating Chainlink CCIP
Since integrating
Chainlink CCIP, ChainSwap has undergone multiple audits and passed
with flying colors. The platform has amassed over $10 million in
volume with nearly 2,000 unique wallets utilizing the platform over
the last four months. These metrics highlight the reliability and
robustness of ChainSwap built on the secure foundation provided by
Chainlink CCIP. Integrating Chainlink CCIP has not only enhanced
the security and functionality of ChainSwap but has also driven
significant growth and user engagement. The seamless cross-chain
swaps, bolstered by Chainlink CCIP’s robust security measures, have
made ChainSwap one of the preferred platforms for users seeking
efficient and secure token transactions. Moreover, the integration
process has been straightforward, with solid communication and
support from the Chainlink Labs team, facilitating a smooth
implementation.
Key Benefits
of Chainlink CCIP
- Defense-in-depth security: Powered by Chainlink’s
industry-standard oracle networks. Chainlink CCIP also features
additional layers of protection via the Risk Management Network and
transfer rate limits.
- Simplified Token Transfers: Chainlink CCIP features a
plug-and-play solution consisting of audited token pool contracts
that handle the complexity of burning and minting or locking and
unlocking tokens across chains. Chainlink CCIP Token Transfers also
have additional security features like rate limits, and enable
ecosystem partners to easily build new capabilities around a
supported token via a single Chainlink CCIP interface
- Programmable Token Transfers: Chainlink CCIP messages are
programmable, enabling token transfers and arbitrary data transfers
to be one atomic transaction, allowing for instructions to be
passed in the data payload regarding what to do with the tokens
once they arrive at the destination chain.
- Seamless integration: A single, easy-to-integrate interface for
a unified cross-chain developer experience. Simply integrate
Chainlink CCIP onchain and start building secure cross-chain
applications.
Utilities
Beyond Cross-Chain Swaps
While the primary
integration of Chainlink CCIP is with ChainSwap’s cross-chain
swapping protocol, ChainSwap is also building utilities beyond
cross-chain swaps which will leverage Chainlink CCIP,
including:
- Telegram Trading Bot: This feature is in its final stages of
development and will simplify user experience by allowing trading
directly via Telegram with a number of additional features,
utilizing Chainlink CCIP to enable secure and seamless cross-chain
transactions.
- Near Instant Cross-Chain Swaps: ChainSwap will host its own
USDC liquidity pairs to significantly improve the speed of
cross-chain transactions while continuing to utilize Chainlink
CCIP.
- Intra-Chain Swaps: This feature is currently live and allows
users to directly swap tokens on their native chains with optimal
liquidity and low fees so that all swapping can be done from one
simple user interface.
Additional
Current and Future Developments Outside of Chainlink
CCIP
- Privacy Swaps: Allows for anonymous swapping between
assets.
- Multi-Chain DEX: In the future ChainSwap will offer full
decentralized exchange capacities with the ability to host
liquidity pools for trading across multiple blockchains, also
leveraging Chainlink CCIP for secure cross-chain
functionality.
- ChainSafe: Provides additional security for tokens by offering
multi-factor authentication and PIN protection through an
innovative contract.
Future
Plans
As Chainlink CCIP
continues to improve its capabilities, ChainSwap will be at the
forefront of implementing its offerings to ensure the best
performance and security for its users. By staying at the forefront
of technological advancements, ChainSwap aims to provide a secure,
seamless, and efficient platform for all its users.
“We’re excited to be
using the industry-standard Chainlink CCIP to enable secure,
seamless swaps across the multichain ecosystem. Having already
powered over $10M in transaction value, ChainSwap and Chainlink are
scaling the onchain economy and will power the future of
cross-chain DeFi.” — Fitzy, Founder of ChainSwap
About
ChainSwap
ChainSwap is a leading
platform for secure, near-instant cross-chain swaps, leveraging
Chainlink CCIP. It offers seamless cross-chain, intra-chain, and
privacy swaps on multiple blockchains. With an easy-to-use Telegram
interface, account abstraction tools, a future multi-chain DEX, and
innovative dispersion technology, ChainSwap enhances user
experience and security. Learn more about ChainSwap: Linktree
About
Chainlink
Chainlink is the
universal platform for pioneering the future of global markets
onchain. Chainlink has enabled over $12 trillion in transaction
value by providing financial institutions, startups, and developers
worldwide with access to real-world data, offchain computation, and
secure cross-chain interoperability across any blockchain.
Chainlink powers verifiable applications and high-integrity markets
for banking, DeFi, global trade, gaming, and other major
sectors.
Learn more about
Chainlink by visiting chain.link or reading the developer
documentation at docs.chain.link
Media Contact
Moe Nabavi - moe@lunapr.io