Fun

Chainlink aims to bolster cross-chain security via Transporter

News Feed - 2024-04-12 01:04:00

Zoltan Vardai8 hours agoChainlink aims to bolster cross-chain security via TransporterChainlink aims to make cross-chain bridges, which account for nearly 50% of all value lost to DeFi exploits, more secure.515 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksChainlink’s newly launched cross-chain messaging app aims to solve the pressing security concerns around cross-chain crypto transfers, a Chainlink spokesperson told Cointelegraph:“Chainlink CCIP, which underpins Transporter, is the only cross-chain protocol that achieves level-5 security, a defense-in-depth design to give users true peace of mind."


Chainlink announced the launch of Transporter, a cross-chain messaging app for bridging tokens, on April 11. Built on Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Transporter aims to foster more secure cross-chain crypto transfers with a beginner-friendly app interface.


Cross-chain bridges help users facilitate transactions between different blockchain networks. They represent some of the most significant points of vulnerability in crypto.


In 2022, Axie Infinity’s Ronin Bridge was drained for more than $600 million worth of cryptocurrency, as one of the largest crypto exploits in history. The exploit targeted a private key multi-signature scheme, a security measure that ultimately proved inadequate.


Transporter enables users to track their cross-chain transactions in real-time through Chainlink’s CCIP Explorer, without charging additional transaction fees beyond the CCIP service provider fee.


It currently supports the Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX blockchain networks.


Related:Funds hacked in 2024 increased by 15.4% vs. the same period in 2023 — ImmunefiCross-chain vulnerabilities account for 50% of DeFi hacks


Since 2016, decentralized finance (DeFi) protocols have been hacked for a total of $5.85 billion worth of cryptocurrency. Cross-chain bridges account for over 48%, or $2.83 billion of the total value lost to exploits, according to DeFiLlama data.Total Value Hacked. Source:DeFiLlama


Transporter aims to reduce these vulnerabilities by facilitating safer cross-chain transfers for both institutions and retail users:“Transferring crypto across chains has historically been a risky activity, with bridge hacks accounting for nearly 50% of all value hacked in Web3. Transporter leverages Chainlink CCIP’s unmatched levels of security, which include an independent Risk Management Network that continuously monitors and validates the behavior of every cross-chain transaction over CCIP.”


While the amount of cross-chain exploits has fallen since the beginning of the year, hackers are still looking to exploit blockchain bridge vulnerabilities. At the beginning of January, Orbit Chain was hacked for $81 million worth of digital assets, due to a cross-chain bridge vulnerability.


Related:Binance Labs shifts investment focus to Bitcoin DeFi# Hackers# Hacks# Chainlink# DeFiAdd reaction

News Feed

Gareth Jenkinson9 hours agoEthereum layer 2s will continue to have diverse approaches to scaling — Vitalik ButerinEthereum co-founder Vitalik Buterin pens an analysis of Ethereum’s layer-2 ecosystem, highlighting div
The Man Behind Wallex and EURST
The Man Behind Wallex and EURST sponsored Simone Mazzuca is innovative in his style of management. Being the founder of Wallex and creator of the EURST, he is agi
Dogecoin Bulls Eye $3 As Whales Scoop 200 Million DOGE In The Last 2 Days
Este artículo también está disponible en español. The price of Dogecoin (DOGE) is now one of the main focuses for potential price increases. Whales are said to have accum
‘Big Short’ Investor Michael Burry Not Shorting Bitcoin, Warns ‘Cryptocurrencies Are in a Bubble’
"Big Short" Investor Michael Burry Not Shorting Bitcoin, Warns "Cryptocurrencies Are in a Bubble" Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis,
SEC, DOJ Investigate FTX — Regulators Suspect Crypto Exchange Mishandles Customer Funds
SEC, DOJ Investigate FTX — Regulators Suspect Crypto Exchange Mishandles Customer Funds The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are
Privacy-Centric Messaging App Signal Experiments With Stellar-Based Mobilecoin Project
Privacy-Centric Messaging App Signal Experiments With Stellar-Based Mobilecoin Project One of the most popular privacy-centric messaging applications Signal has
Bridge Oracle IEO Launches with Bitcoin.com Co-Founder Mate Tokay as Advisor
Bridge Oracle IEO Launches with Bitcoin.com Co-Founder Mate Tokay as Advisor8th September, 2020, Kuala Lumpur, Malaysia– Bridge Oraclemay very well be on the cusp of achieving
Bitcoin’s Mining Difficulty Continues to Rise: 37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion
Bitcoin’s Mining Difficulty Continues to Rise: 37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion Bitcoin’s hashrate has been climbing steadily
Ezra Reguerra10 hours agoSBI expands Ripple remittance tech to banks in Vietnam, Indonesia, PhilippinesSBI Remit will use XRP as a bridge currency to enable faster and more cost-effective remittances to several Southeast
Pro-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Convince Janet Yellen BTC Is Great Store of Value
Pro-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Convince Janet Yellen BTC Is Great Store of Value Pro-bitcoin U.S. Senator Cynthi
Report: South African Firm Launches ‘Crypto Water Token’ — Receives Investment of $150M
Report: South African Firm Launches "Crypto Water Token" — Receives Investment of $150M The South African company behind the so-called “crypto water token” is repor
Trump’s Crypto Token Offering: $300 Million Goal With Minimal US Participation – Details
Este artículo también está disponible en español. World Liberty Financial, a decentralized finance (DeFi) initiative endorsed by former President Donald Trump, has disclo