We’re excited to announce that the Weset ecosystem has integrated Chainlink CCIP—the industry standard for secure cross-chain interoperability—across the BNB Chain and Ethereum mainnets. We’re leveraging CCIP’s Simplified Token Transfer capabilities to facilitate cross-chain movement of our native token, WECO, enabling users to seamlessly bridge their tokens between blockchains.
Why Chainlink CCIP?
We selected CCIP as our preferred solution because Chainlink has a proven track record of maintaining the highest security and reliability standards in Web3. We’ve already leveraged this by previously integrating Chainlink Automation to streamline payouts for RWA tokens.
CCIP is further bolstered by the Risk Management Network, a separate network that actively monitors cross-chain operations for suspicious activity. This focus on security is paramount, considering industry exploits and the significant losses incurred due to unreliable interoperability solutions.
Weset facilitates the tokenization of real-world assets, allowing them to be traded and managed on a blockchain. By enabling cross-chain WECO transfers, we aim to:
- Increase Liquidity: Unlocking new liquidity pools on Ethereum can benefit Weset users by offering opportunities for better exchange rates and potentially deeper markets for WECO.
- Enhance User Experience: A seamless bridging experience allows users to move their WECO tokens freely between BNB Chain and Ethereum, catering to their preferred DeFi platforms and functionalities.
- Simplify Architecture: CCIP streamlines our infrastructure by providing a standardized solution for cross-chain WECO transfers.
Benefits of Chainlink CCIP for Weset
In order to help secure our cross-chain WECO transfers, we needed access to a highly secure and reliable interoperability solution. After reviewing various solutions, we integrated Chainlink CCIP because it provides a multitude of important benefits and features, such as:
- Time-Tested Security: CCIP leverages Chainlink’s decentralized oracle networks, securing billions of dollars in smart contract value and enabling over $12 trillion in onchain transactions.
- Secure Token Transfers: CCIP offers pre-built, audited token pool contracts to handle the complexities of cross-chain WECO transfers. These transfers benefit from additional security measures like rate limits, allowing for smooth integration with existing DeFi ecosystems.
- Programmable Token Transfers: CCIP allows for programmatic WECO transfers, enabling advanced functionalities where specific instructions can be attached to the tokens for execution on the destination chain.
- Future-Proof Infrastructure: CCIP is designed for continuous updates, including support for new blockchains and functionalities. This ensures Weset’s cross-chain capabilities remain future-proof.
Summary
“By integrating Chainlink CCIP, Weset provides users with a secure and reliable way to transfer their WECO tokens across leading blockchains. This helps foster greater liquidity and a better user experience within the Weset ecosystem, ultimately helping to propel the growth of real-world asset tokenization.” – Geoff Turnbull, COO, Weset.app
The Future Is Multi-Chain: Expanding WECO Utility and Integrating More Chainlink Solutions
This integration with Chainlink CCIP is just the first step in our multi-chain journey. We’re committed to expanding the utility of WECO by bridging it to additional networks like Polygon and Arbitrum, potentially opening doors to even more DeFi opportunities.
We’re also exploring the exciting potential of other industry-standard Chainlink services. Integrating Chainlink Price Feeds directly into our marketplace can provide our users with access to reliable and decentralized price oracles, further enhancing transparency and security within the Weset ecosystem. Stay tuned for more updates as we unlock the full potential of blockchain technology for real-world asset tokenization!
About Chainlink
Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $12 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.
About Weset.app
Weset.app is a comprehensive ecosystem for real-world asset (RWA) tokenization. We bridge the gap between traditional finance and blockchain technology, allowing you to invest in tokenized versions of real-world assets that can generate rewards. Our user-friendly platform prioritizes security with features like Chainlink CCIP integration, while our built-in marketplace facilitates seamless buying, selling, and management of tokenized assets.
