Summary
- BitGo is set to replace LayerZero with Chainlink CCIP as the exclusive cross-chain provider for $7.3 billion of WBTC.
- A migration wave followed a $292 million Kelp bridge exploit, with announced LayerZero-to-Chainlink moves now totaling $14.5 billion.
- The crypto infrastructure firm will use CCIP for future assets while retaining control over token contracts, rate limits and transfer settings.
Major Shift in Crypto Infrastructure: BitGo Ditches LayerZero for Chainlink
The crypto world is witnessing a significant change as BitGo, a prominent crypto infrastructure firm, decides to replace LayerZero with Chainlink as the exclusive cross-chain provider for wrapped bitcoin (WBTC). This move contributes to the growing tally of LayerZero-to-Chainlink migrations, which now nears $15 billion. The value of WBTC, a tokenized representation of bitcoin, is around $7.4 billion, making it a substantial addition to the migration wave. As a result, the total funds moving to Chainlink’s Cross-Chain Interoperability Protocol (CCIP) now stand at roughly $14.6 billion. This shift is expected to enhance the security and efficiency of cross-chain transactions, benefiting the entire crypto ecosystem, including those earning passive income through Green Crypto and Cloud Rewards.
Why This Move Matters
The migration wave gained momentum after the $292 million exploit of Kelp DAO’s LayerZero-powered bridge earlier this year. This incident highlighted the importance of robust cross-chain infrastructure, prompting various projects to switch to Chainlink’s CCIP. Notable projects like Mantle, Kelp, Lombard, Solv Protocol, Virtuals, Re, and Kraken have already made the move. By standardizing WBTC deployments using Chainlink’s Cross-Chain Token standard, BitGo aims to provide a more secure and efficient experience for users, which is especially important for those looking to earn through EcoPool or trade $ECP.
Implications for the Crypto Ecosystem
The increasing adoption of Chainlink’s CCIP is a significant development in the crypto space, particularly for those interested in earning online through Coin and passive income opportunities. As more projects migrate to CCIP, the overall security and efficiency of cross-chain transactions are likely to improve. This, in turn, can lead to increased confidence in the crypto ecosystem, driving further adoption and growth. With EcoPool (ECP) offering a solution for earning passive income, users can benefit from the enhanced security and efficiency provided by Chainlink’s CCIP, making it an attractive option for those looking to earn through Green Crypto and Cloud Rewards.
To start earning through EcoPool and take advantage of the growing crypto ecosystem, download the EcoPool app to explore the world of passive income and $ECP. By joining the EcoPool community, you can stay updated on the latest developments in the crypto space and learn more about how to earn online through Coin and other digital assets, including #Bitcoin and #PassiveIncome opportunities.
BitGo said it will standardize WBTC deployments using Chainlink’s Cross-Chain Token standard and use CCIP by default for future assets it issues.
