Chainlink Unveils New Bridge Application For Large Token Transfers Across Blockchains

Blockchain oracle provider Chainlink unveiled a new bridge application called “Transporter” that allows users to transfer virtual assets and information across multiple blockchain networks.

The bridge will be made available to both individual users and institutions, and is compatible with Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Polygon, Optimism and WEMIX, it said in a blog post.

Chainlink said that the application will enable “a cost efficient way to make high-value token transfers across blockchains.”

Chainlink Moving Into The Burgeoning Blockchain Bridging Sector

Chainlink’s application serves as the company’s entrance into the growing blockchain bridging sector. With the blockchain and Web3 space expanding, the need for a simple solution that can act as an information channel between networks and decentralized applications has grown.

We are excited to introduce @transporter_io, the next evolution in cross-chain bridging, powered by #Chainlink CCIP.

Transporter is your gateway to the multi-chain universe.

Cross chains with confidence: https://t.co/OJ9XWcAy4F pic.twitter.com/ANNWiFfXdC

— Chainlink (@chainlink) April 11, 2024

Chainlink’s application is not the first to enter the market. Existing bridges have transferred around $12 million in the past months, according to data from DefiLlama. As such, the protocols have become popular targets for hackers, putting users’ funds at risk.

“Having a secure way to move both value and data across chains is something the blockchain industry has needed for years,” said Chainlink co-founder Sergey Nazarov.

CCIP The Foundation Of Chainlink’s Transporter

The transporter was built on top of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which has been a pivotal component of the company’s partnership with SWIFT. “Transporter makes it easier to utilize the security benefits of Chainlink’s CCIP for the transfer of large token value and critical messages across chains,” Nazarov said.

#Chainlink CCIP now supports the cross-chain transfer of native ETH, starting with support for @ethereum, @arbitrum, and @Optimism.

Alongside this upgrade, a new pricing model has also been introduced to accelerate the growth of the cross-chain economy.https://t.co/YVrO4gps1z

— Chainlink (@chainlink) April 11, 2024

Transporter also comes with real-time visual trackers to follow assets and information transferred between chains. CCIP’s regular fee is charged, and then split into two parts. One portion of the fee is used for network fees on the desired chain, with the rest paid to CCIP service providers.

Meantime, a meme coin presale project called Dogeverse is aiming to introduce a level of utility to the Dogecoin brand with the launch of its bridging technology.

Currently providing support for ETH, BNB Chain, Polygon and Avalanche, the project will soon connect to Base and Solana as well.

Investors have been flocking to Dogeverse’s presale, as it charges towards $3 million raised in less than four days since its launch.

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