Chainlink aims to strengthen cross-chain security on the carrier side.
Chainlink's newly launched cross-chain messaging app aims to address pressing security concerns surrounding cross-chain crypto transfers, a Chainlink spokesperson told Cointelegraph.
“Chainlink CCIP, the only cross-chain protocol that supports transport, achieves Level-5 security, with a deep design to give users true peace of mind.”
On April 11th, Chainlink announced the launch of a cross-chain messaging app to link tokens. Interface.
Cross-chain bridges help users facilitate transactions between different blockchain networks. They represent the most important points of vulnerability in crypto.
In the year In 2022, the Axi Infinity Ronin Bridge was flooded with over $600 million worth of cryptocurrency, one of the largest crypto exploits in history. The exploit targeted a private key multi-signature scheme, which ultimately proved insufficient as a security measure.
Transport allows users to track their cross-chain transactions in real-time via Chainlink CCIP Explorer without incurring additional transaction fees beyond CCIP carrier fees.
It currently supports Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon and WEMIX blockchain networks.
Related: Hacked funds in 2024 up 15.4% over same period in 2023 – Immunefi
Cross-chain vulnerabilities account for 50% of DeFi hacks
Since 2016, a total of $5.85 billion worth of cryptocurrency has been hacked from decentralized finance (FiFi) protocols. Cross-chain bridges account for more than 48%, or $2.83 billion, of the total value lost to exploitation, DeFillama data show.
Shipping aims to reduce these exposures by facilitating secure chain transfers for both institutions and retail users.
“Transferring crypto on-chain has historically been a risky activity, with bridge hackers accounting for 50% of all values stolen in the Web3. Shipping uses Chainlink CCIP's unmatched security standards, which includes an independent risk management network that continuously monitors and verifies the behavior of every cross-chain transaction on CCIP.
While the rate of on-chain exploits has decreased since the beginning of the year, hackers are still looking to exploit blockchain bridge vulnerabilities. In early January, Orbit Chain was hacked with $81 million worth of digital assets due to a cross-chain bridge vulnerability.
Related: Binance Labs Shifts Investment Focus to Bitcoin DeFi
