Key Points
- Corn integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enhance Bitcoin-based decentralized finance (BTCFi).
- The integration will facilitate secure cross-chain token transfers and the development of Bitcoin-focused DeFi applications.
Corn, a network that centers on Bitcoin-based decentralized finance (BTCFi), has incorporated Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This integration will allow for secure transfers of assets across various blockchain networks.
According to Spadaboom, the co-founder of Corn, this integration will enable developers to create secure Bitcoin-centric DeFi applications within the Corn ecosystem.
It will also facilitate cross-chain token transfers through their layer-2 solution.
Chainlink’s CCIP and its Role in DeFi Innovation
Corn has made its choice for Chainlink’s CCIP based on the protocol’s support for secure token transfers.
CCIP not only allows for token transfers but also enables developers to send arbitrary data between different blockchains.
This supports the creation of cross-chain applications that can cater to a broad range of use cases, such as cross-chain NFT transfers or lending.
CCIP is designed to be flexible and scalable, with future updates aimed at broadening the range of supported blockchains and tokens.
This makes it a long-term solution for developers seeking to build cross-chain applications while maintaining control over their token contracts.
With this integration, Corn is paving the way for next-generation decentralized finance (DeFi) solutions that are centered around Bitcoin.
Thodoris Karakostas, the Head of Blockchain Partnerships at Chainlink Labs, expressed his excitement about Corn adopting their Chainlink Cross-Chain Interoperability Protocol.
He said that they are eager to see how Corn developers will create innovative solutions with this technology.
Chainlink’s Growing Integration Across Multiple Blockchains
The adoption of Chainlink by Corn adds to the increasing list of blockchain companies integrating the network.
On February 2, Chainlink revealed that it had recently added 10 new integrations across 5 services and 6 different blockchains, including Arbitrum, Bitlayer Labs, Ethereum, Hedera, Scroll, and Solana.
New integrations include Bitlayer, Droplinked, Dolomite, Scroll, TreehouseFi, and Usualmoney.
Chainlink also announced the launch of the Chainlink DeFi Yield Index (CDY Index), a new tool designed to gather and consolidate DeFi lending rates from various sources.
This product leverages the Chainlink standard to provide a comprehensive view of the market.
The price of Chainlink’s native token has depreciated by more than 3% in the last 24 hours, according to data from CoinMarketCap.
The trading volume has also dropped by over 35% within the same timeframe. The token is currently trading at $18.61 as of this writing.
