Ronin Network today announced that it has selected Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to strengthen the security of the Ronin Bridge and thus improve the network’s cross-chain infrastructure.
The adoption followed a three-stage competitive selection process, which ended with Chainlink outperforming other candidates, LayerZero and Axelar.
Ronin’s bridge validators chose Chainlink’s CICIP for its strong security features. The protocol offers multiple Decentralized Oracle Networks (DONs), an independent Risk Management Network and other security measures that significantly reduce the risk of attacks and vulnerabilities.
“Security was the most important factor in deciding which cross-chain protocol would secure the future of the Ronin ecosystem,” said Phuc Thai, principal researcher at Sky Mavis. “In addition to cross-chain interoperability, we are eager to work on integrating Chainlink’s suite of oracle services that will serve as a key foundation for the next phase of DeFi growth on Ronin.”
The integration will begin with support for bridge transfers between Ethereum and Ronin, with the aim of a seamless migration in the coming months.
Numerous major financial institutions and market infrastructure providers have adopted Chainlink’s CCIP to enhance their operations, improve interoperability between public and private blockchains, and facilitate the secure transfer of tokenized assets.
Key partners include BNY Mellon, Citi, Euroclear, Lloyds Banking Group and Deutsche Bank-backed Taurus SA, to name a few. The solution is also trusted by several blockchain projects such as ZKsync, Sonic Labs and Celo.
“Secure interoperability enabled by CCIP will enable the Ronin community to take full advantage of the multi-chain landscape and accelerate the adoption of Web3 gaming,” said Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs.
Credit : cryptonews.net
