Chainlink has achieved an important milestone in blockchain interoperability with the Cross-Chain Interoperability Protocol (CCIP), which now supports a wider variety of blockchains.
According to a press release sent to BeInCrypto, Chainlink has expanded the scope of CCIP to include nine prominent blockchains. These are Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Chroma, Optimism, Polygon, and Wemix.
Chainlink’s LINK is on the verge of a breakthrough
The public release of this protocol will allow developers to transfer tokens and send messages to smart contracts on other blockchains. Additionally, developers can implement programmable token transfers.
In turn, these features facilitate the seamless exchange of data and value. These improvements significantly improve the efficiency and reach of decentralized applications.
Chainlink co-founder Sergey Nazarov showed that CCIP adoption is growing.
“The availability of CCIP on the mainnet makes it easier for developers to adopt CCIP as a security mechanism for cross-chain connectivity,” Nazarov told BeInCrypto.
Read more: How to Buy Chainlink (LINK) and Everything You Need to Know
Additionally, the introduction of new features such as Transporter, a bridging application, and enhancements to token transfer capabilities have fueled the growth of CCIP . In the first quarter of 2024 alone, cross-chain transactions increased by more than 900%, with transfer volume increasing by 4,000% compared to the previous quarter.
Additionally, the expansion of CCIP will play a pivotal role in creating an interconnected marketplace for tokenized real assets (RWA). As part of the broader Chainlink platform, CCIP provides the essential data and computational resources required for the functioning of tokenized asset markets.
Despite these technological advancements and increased adoption, Chainlink’s native token, LINK, has experienced price declines , falling more than 30% from its March peak. However, recent chart patterns suggest a possible upside reversal.
For a successful reversal, LINK must break the $15.63 neckline. If LINK sustains this breakout, it could rise to $18.26, up about 17%.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
Conversely, if LINK fails to sustain this breakout level, the bullish pattern may be invalidated. Such a scenario could lead to a retest of lower support around $14.52.
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