ChainLink’s CCIP Revenue Up 180% in 2 Months Amid ‘Mass Adoption’
Chainlink's Cross Chain Interoperability Protocol (CCIP) revenue has soared 180 percent in the past two months, leveraging its multi-chain bridging platform.
CCIP fee income increased from a total of about $61,000 in January to $171,000 in the first two weeks of March.
Meanwhile, the cross-chain protocol launched in July 2023 has grossed $377,724, according to Dunn Analytics.
“CCIP growth rates are strong and very much in line with expectations,” said the chainlink staking technology provider and creator of the Dune Dashboard link pool.
Ethereum layer-2 protocol Arbitrum is the largest source of CCIP network fees with 28% of the total, followed by Base with 24%.
“You are completely ignoring the massive adoption CCIP is going on right now,” crypto trader “Satoshi Flipper” wrote on X March 14 to his 189,000 followers.
“Are Chainlink CCIP Fees Rising? Just yesterday there was over $100k in payouts,” said crypto YouTuber, entrepreneur and Bitcoin OG Kyle Chassé.
Chainlink Community Ambassador “chainlinkgod” explained that the fees paid using Chainlink CCIP “cover gas costs and premiums paid to CCIP service providers to complete transactions on the access chain.”
CCIP has recently made several mergers to increase adoption. These include the Metis Layer-2 network, the auditing platform Code4rena, the Stable Coining Circle, and Wemade, one of South Korea's largest game developers. It has partnered with SWIFT in 2022 for a proof-of-concept token transfer project.
Related: Chainlink's 40% weekly rally could be a ‘bull trap' for LINK price
CCIP is a protocol that allows smart contracts to securely access data from any external API or system, enabling decentralized and reliable data communication between blockchain and off-chain systems.
Chainlink earns revenue from network node operators, a small portion of LINK staking, network revenue share and enterprise products. Total revenue is $373 million, most of which comes from Oracle Foods, Dunn said.
LINK prices hit a more than two-year high of 21.71 on March 11. This asset returned to this price level on March 14 before retreating back below $20 at the time of writing.
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