Chainlink’s CCIP integration enables cross-chain WECO transfers for Weset

• Weset integrates Chainlink CCIP to enable cross-chain transfers of its WECO token between BNB Chain and Ethereum.

• The integration increases liquidity, improves user experience and simplifies Weset’s infrastructure.

Weset, a platform specializing in tokenization of real-world assets, announced the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) across the BNB chain and Ethereum Mainnet.

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The Chainlink CCIP integration aims to increase liquidity by unlocking new liquidity pools on Ethereum. This benefits Weset users by potentially offering better exchange rates and deeper markets for WECO. According to the announcement, users can now effortlessly link their WECO tokens between the BNB chain and Ethereum, access preferred decentralized financing platforms (DeFi).

By facilitating cross-chain transfers, Weset simplifies its infrastructure, optimizing the bridging process and providing a standardized solution for WECO transfers. This integration supports Weset’s goal of making real asset tokenization more accessible and efficient.

Weset’s choice of Chainlink CCIP stems from Chainlink’s established reputation for security and reliability in the Web3 space. The platform had previously integrated Chainlink Automation to streamline payments for its real-world asset (RWA) tokens.

Chainlink’s decentralized oracle networks secure billions of dollars in smart contract value, providing a reliable foundation for Weset’s cross-chain operations. CCIP’s predefined and vetted token pool contracts handle the complexities of cross-chain transfers, with additional security measures such as rate limits ensuring seamless integration with existing DeFi ecosystems.

Future-proof cross-chain functionality

CCIP’s programmable token transfer feature enables advanced functionality, allowing specific instructions to be attached to WECO tokens for execution on the destination chain. This flexibility supports Weset’s vision to expand its cross-chain capabilities and future-proof its infrastructure.

The integration with Chainlink CCIP marks the beginning of Weset’s multi-chain journey. The platform plans to connect WECO to other networks like Polygon and Arbitrum, potentially opening up more DeFi opportunities for its users. Furthermore, Weset is also exploring the potential of integrating other Chainlink services. For example, incorporating Chainlink price feeds into the Weset marketplace could provide users with access to reliable, decentralized price oracles.

Chainlink Profitability Rises Despite Recent Setback

According to on-chain data, 86.8% of The total supply of Chainlink it is kept above the cost at which it was acquired by token holders. This places Chainlink behind Bitcoin, with 98.3% of its supply in profit, and Ethereum, with 95.1% of its supply in profit. Currently, 425,620 addresses, representing 61% of all LINK holders, are “in the money”, according to data from IntoTheBlock.

In contrast, 241,540 addresses, representing 35% of all Chainlink holders, are “out of the money,” meaning they are holding the altcoin at a loss. This contrast highlights the significant number of LINK investors who benefit from their holdings despite a minority suffering losses.

As of this writing, Chainlink is trading at $17.57 with a 2% increase over 24 hours. CNF market data reveals a 3% drop in its price over the past seven days, attributed to a slight decline in daily demand for the altcoin during that period. On-chain data from Santiment indicates a decrease in the daily count of addresses involved in LINK transactions over the past week. When evaluated using a seven-day rolling average, LINK’s number of daily active addresses has declined 3% over that time frame.

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