- Chainlink has strengthened its potential with recent partnerships with WiseLending, Concero, and others.
- Chainlink is advancing Web3 adoption through its CCIP and PoR solutions.
The decentralized blockchain oracle network Chainlink (LINK) recently secured new partnerships to improve its technology for Ethereum (ETH) and Arbitrum (ARB). The partnership will allow blockchain ecosystems to leverage Chainlink Price Feeds and Cross-Chain Interoperability Protocol (CCIP).
Chainlink Integrations to Improve Ethereum and Arbitrum
On Wednesday, Chainlink announced via its official X account that it allied with WiseLending, a decentralized yield protocol for blue chip crypto assets.
WiseLending has already integrated Chainlink’s Price Feeds into its platform to secure borrowing and lending on Arbitrum and Ethereum. As a result, users can harness real-world data through their smart contracts, empowering developers to create innovative applications.
.@WiseLending has integrated #Chainlink Price Feeds to help ensure secure borrowing and lending on @arbitrum and @ethereum.
Wise Lending is also integrating Chainlink CCIP to enable cross-chain lending. pic.twitter.com/c7HOM2y6R7
— Chainlink (@chainlink) August 1, 2024
Additionally, WiseLending is also integrating Chainlink CCIP for cross-chain lending. With CCIP, users can borrow Ethereum and Arbitrum on WiseLending. The platform will take advantage of Chainlink CCIP’s security to ensure users’ digital assets are kept safe. They can also leverage CCIP to move collateral into WiseLending to maximize their yield.
In a similar move, Concero strategically integrated Chainlink CCIP across Avalanche, Arbitrum, Base, Polygon, and Ethereum mainnet. By leveraging CCIP’s token transfer capabilities to facilitate transactions, Concero hopes to provide users with a seamless cross-chain experience. The integration offers growth opportunities for Concero, such as helping to increase its ecosystem adoption and achieve its goal.
Chainlink and Tokenization Agenda
One of Chainlink’s most important applications, besides its oracle services, is tokenization. The advantages of tokenization were echoed strongly at the recent SmartCon event in Hong Kong.
According to banking experts, the tokenization of assets brings efficiency when judged from the settlement and clearance perspective. With Wall Street firms exploring avenues to solve the settlement issues they face, the presence of Chainlink as an enabling tool is changing the paradigm.
In a recent update, we covered that Chainlink co-founder Sergey Nazarov predicted TradFi entry into the industry through LINK. This prediction is already coming to pass in many aspects. As we noted in a previous report, the Chainlink Proof-of-Reserve (PoR) solution is helping to secure Wenia’s Colombian Peso stablecoin.
Chainlink’s tokenization agenda complements other major value additions the protocol offers. As revealed recently, the Chainlink price feed might help build a very strong and functional Decentralized Exchange (DEX) ecosystem. With PancakeSwap integration coming off as one of the latest additions, Chainlink is setting a pace for other platforms to try its product.
There is no denying that Chainlink is the dominant Oracle service provider in the Web3 world. With open-source solutions, the protocol has confirmed that its ultimate goal is to make Web3 applications accessible to the public. With the latest integrations with Concero, PancakeSwap, and WiseLending, Chainlink is setting a standard for others to follow.
Despite the latest ecosystem partnership boost, the price of LINK is undergoing a selloff amid a broader market slump. At the time of writing, the token is down by 3.31% in 24 hours to $12.51.
