Hassan Maishera
The Synthetix team announced in a blog post on Monday that they have integrated Chainlink Cross-Chain Interoperability Protocol (CCIP) into Synthetix V3. The integration is one of the first-in-production uses of Chainlink CCIP and will enable highly efficient, secure, and reliable cross-chain transfers of sUSD through the Synthetix Teleporter.
The initial integration of Chainlink CCIP enables V3 sUSD to move between Ethereum and Optimism, but has been configured to allow transfers to any EVM compatible chain if approved by the Synthetix Spartan council.
In the future, Synthetix has the ability to expand the cross-chain Synth Teleporter functionality to additional EVM-compatible chains, including Arbitrum and Base. Synthetix is also exploring the usage of Chainlink CCIP for additional use cases, including cross-chain synthetic perpetual futures, cross-chain staking pools, and more.
Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets. SNX, the native token of Synthetix, is down by more than 1% in the last 24 hours and is trading at $2.656 at press time.
Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is up by 5% over the past 24 hours and is trading at $7.100 at press time.
