Chainlink CCIP now supports live chain interoperability on ZKsync
Chainlink's Cross-Chain Interoperability Protocol (CCIP) is now a Layer-2 (L2) scaling solution that uses Zero-Knowledge (ZK) authentication on ZKsync.
ZKsync leverages ZK technology to improve network security, privacy and scalability while complying with Ethereum's security standards.
The integration of Chainlink's CCIP on ZKsync's Era mainnet marks a milestone for the interoperability and operation of L2 chain decentralized applications (DApps).
Developers on ZKsync can build DApps that can run on multiple blockchain networks through this cross-chain interoperability integration.
Related: Synthetix to add Chainlink when v3 exchange launches on Arbitrum
Constructive implications
With the new CCIP integration, developers can use programmable token transfers to send tokens cross-chain while including instructions for smart contracts regarding on-chain acceptance.
CCIP's arbitrary messaging capabilities allow developers to create cross-chain smart contracts to transfer data and function calls between smart contracts on different blockchains.
These new features have implications for enabling more complex and potentially efficient DApp institutions as blockchains become more interconnected.
Related: Chainlink integration adds transparency to 21Shares Ether ETF
Asset token and chain finance
The collaboration between Chainlink and ZKsync follows the growing trend of financial institutions operating on the asset token onchain.
Marco Cora, director of the ZKsync Foundation, reinforces this point and continues: “Tokenization of real-world assets is growing rapidly.
The need for clear and secure chain standards is critical to increasing blockchain adoption in traditional finance.
Cora explained that by partnering with Chainlink CCIP, ZKsync will provide “a gateway for these institutions to come onchain.”
Related: Chainlink Token Sandboxing Cuts Tests to Days Instead of Months
Chainlink's industry standard inspires competitors.
According to a press release shared with Cointelegraph, Chainlink has been dubbed “the industry-standard decentralized computing platform,” but for how long?
The decentralized network has faced increased competition in the oracle market from platforms such as Pyth and WINkLink as ChainLink's market dominance has waned over the years.
Chainlink started the year on January 1 with a 48.64% market share dominance in Oracle, but has fallen to 46.46% amid its competitors' market share gains.
Magazine: Proposed Change Could Save Ethereum From L2's ‘Roadmap to Hell'
