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The CCIP protocol was designed to help create interchain applications and services, and this week it went live for early access users on the Avalanche, Ethereum, Optimism, and Polygon blockchains. With the implementation of the update, Chainlink (LINK) initiated a significant upward momentum.
LINK Development!
According to data, after the release of the company’s Cross-Chain Interoperability Protocol (CCIP) earlier this week, investors started trading Ethereum for Chainlink (LINK), leading to an increase in Chainlink tokens on Thursday. LINK was trading at $8 and saw a more than doubling of trading volume to reach $580 million, helping it achieve weekly gains of over 25%.
Off-chain data shows that some whales or large holders of a token increased their assets to $6 million, and the increased demand pushed prices up to 6%. CCIP is designed to help create interchain applications and services. It was being tested by at least 25 partners transitioning to the mainnet and has now gone live for early access users on the Avalanche, Ethereum, Optimism, and Polygon blockchains. On Thursday, CCIP will be made available for all developers on five test networks: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai.
Current Situation in Cryptocurrencies!
According to CoinGecko data, the prices of some other oracle protocols have also increased. In the past 24 hours, Band Protocol’s BAND increased by 9%, Uma and API3 increased by 5.4%. Oracles are blockchain-based services that bring data from outside the blockchain. Blockchains are inherently immutable data stores, but they cannot verify the accuracy of information.
This is where oracle networks like Chainlink can help. They rely on multiple sources of information to provide reliable data to blockchain-based services and products for users. The recent rally in the cryptocurrency markets, sparked by the Ripple case, has once again turned the spotlight on the cryptocurrency markets, thanks to LINK’s significant gains.
