The Chainlink (LINK) network has expanded into a significant data infrastructure, safeguarding substantial Web3 interactions at a large scale. This network’s offerings in the market have drawn considerable interest from investors globally. Consequently, the mid-sized cryptocurrency, valued at approximately $17 billion in its fully diluted form, has experienced an upward trajectory since the bullish market shift last year.
Chainlink Introduces Transporter
After several months of careful study and innovation, the Chainlink team introduced their new advanced cross-chain connection system called Transporter. As stated in the announcement, Transporter from Chainlink operates using the Cross-Chain Interoperability Protocol (CCIP), which has already been put to the test by users in both web3 and web2 environments, including SWIFT.
“For a long time in the blockchain sector, there has been a requirement for a reliable method to transfer both significant token values and essential data between different blockchains. With Transporter, it becomes simpler to take advantage of Chainlink’s CCIP security features when moving large sums of tokens and vital messages across chains,” Sergey Nazarov, co-founder of Chainlink, pointed out.
Significantly, Chainlink’s Transporter application will begin by working with several blockchains, aiming to add more in the future. At present, some of these blockchains are Arbitrum (ARB), Avalanche (AVAX), Binance Smart Chain, Ethereum (ETH), Optimism (OP), Polygon (MATIC), and WEMIX.
With the assistance of the Chainlink Foundation and Chainlink Labs, Transporter streamlines the process of executing cross-chain transfer transactions through #CCIP.
CCIP (backend) 🤝 Transporter (frontend)
Full details in the post below:
— Chainlink (@chainlink) April 11, 2024
Chainlink’s Transporter starts by facilitating interoperability between various blockchains for Ethereum, USDC, LINK, and several liquid staking tokens, plus more. The standard fees for this service, as determined by the CCIP, are implemented to ensure a smooth experience for all users.
“Tokens transferred via burn and mint or lock and mint token transfer mechanisms incorporate a flat fee premium model, in addition to the variable gas cost overhead. Tokens transferred via a lock-and-unlock token transfer mechanism, such as ETH, have a percentage-based fee premium model, in addition to the variable gas cost overhead,” Chainlink noted.
Direct Impact on LINK Price Action
The arrival of Chainlink Transporter is expected to bring significant advantages to LINK token owners. Most notably, LINK will become easily accessible across multiple blockchains, thereby enhancing liquidity and on-chain action. Consequently, the desire for LINK coins is predicted to grow steadily in the upcoming months, particularly during the crypto market uptrend.
Currently, the price of LINK hovers around the mark of $17, serving as a crucial support point. This development has momentarily eased the pressure on buyers, allowing them to regroup and prepare for another surge in the market. According to technical analysis, a significant move upward can be expected if LINK manages to surpass the resistance at approximately $22, thereby strengthening the bullish trend in the short term.
If the bulls cannot maintain the support for the LINK price between $16 and $17 prior to the upcoming Bitcoin halving in 2024, there is a risk that the LINK price could decrease by as much as $12.
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2024-04-15 10:41