Base Mainnet Live | Chainlink CCIP SWOT Analysis & More!
Last Week In The Multi-Chain Ecosystem (07 - 13 Aug '23)
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Bridge Updates
1) Wormhole Becomes Osmosis’ Canonical Bridge Provider 💪
The proposal to add Wormhole as a Canonical Bridge Service Provider (BSP) for Osmosis has passed with 93.1% votes in favour.
The proposal reached quorum in under 24 hours and is expected to bring liquidity and developer activity into the Cosmos ecosystem.
2) AltLayer Partners w/ Hyperlane to Enable Rollup Interoperability 🤝
AltLayer announced that it has partnered with Hyperlane to bring permissionless interoperability to its ecosystem.
Apart from native rollup bridges, projects using the AltLayer stack can now also choose Hyperlane for bridge services and inter-rollup communication.
3) Xocolatl from La DAO Adopts xERC20 Token Standard 🎉
Connext announced that Xocolatl from La DAO has adopted the xERC20 token standard for its $XOC token, “with a goal to power safe $XOC token transfers between blockchains with minimal liquidity requirements and the best available security”.
4) Galxe x LSTs x LayerZero’s OFTs 🔥
Galxe announced its integration with LayerZero by launching three campaigns for LSTs including unshETH, Lybra Finance, and Gravita Protocol.
LFW.FI, a community-driven platform with a suite of leading DeFi products, has integrated LI.FI’s API to power lighting fast cross-chain swaps in just a few clicks across 18 chains.
Multi-Chain Ecosystem Updates
Base Mainnet is now open for users, with 100+ dApps including Uniswap, Sushi, and Stargate, among others, currently available. The team has also kicked off the Onchain Summer campaign to promote engagement with the chain with daily NFT mints.
2) PayPal launches PayPal USD (PYUSD) 🔥
PayPal launched PYSUD, a USD-pegged stablecoin designed for payments and backed by highly liquid and secure assets. As PYUSD rolls out, users will be able to buy, sell, hold, and transfer it on PayPal’s app and website at no extra charge.
3) Mode Public Testnet is Live 🎉
Mode, an OP stack L2 designed for hyper-growth that directly rewards developers, users & protocols with Protocol Level Referrals and Contract Secured Revenue, has launched its public testnet.
4) Tenet Launches Native Bridge 👏
Tenet, an LSD focused Layer-1 ecosystem expanding the utility of liquid staking derivatives, announced the launch of its native bridge, designed around LayerZero’s technology.
The bridge enables frictionless bridging of LSDs to Tenet network from six other chains within the LayerZero network.
5) Fantom is Exploring Adding Optimistic Rollups to Connect to Ethereum 🤔
In an interview on The Scoop, Fantom Foundation co-founder and architect Andre Cronje said that Fantom is actively considering and investigating a similar move to integrate optimistic rollups to connect the Fantom blockchain to Ethereum.
6) Osmosis is Integrating with Celestia's DA Layer 🧐
Osmosis announced that it is integrating with Celestia’s DA Layer to become the modular liquidity hub.
Osmosis will connect modular chains and the IBC-connected ecosystem, leveraging its upcoming integration with Hyperlane. As a result, rollups can access liquidity from anywhere and make cross-chain payments for DA fees on Celestia using any token on Osmosis.
What’s Popping?
Chainlink CCIP: A Comprehensive SWOT Analysis
If you've been keeping an eye on recent developments, you'll know that Chainlink launched its Cross-Chain Interoperability Protocol (CCIP) on Mainnet last month.
There's been quite a bit of discussion and speculation about what this means for the broader cross-chain landscape. Today, we'll be shedding some light on CCIP's functionality and potential as we walk you through a detailed SWOT (strengths, weaknesses, opportunities, and threats) analysis of the product.
Let’s dive in!
Closing Thoughts
It's evident that the cross-chain landscape is undergoing rapid evolution and CCIP has both distinct advantages and potential challenges to contend with.
The existing landscape and competition from established players in the cross-chain bridging ecosystem is already oversaturated. Furthermore, the lingering threat of current bridges getting replaced by new-age technology like light clients, zk bridges, or storage proofs is a threat to CCIP before it even gains traction. However, Chainlink's established reputation, its broad partner network, and the promising SWIFT integration—which forges a bridge to the traditional finance sector— indicate that CCIP has a lot going for it.
As we look ahead, the burning question remains: Can Chainlink mirror its success in the Oracle domain and become a frontrunner in cross-chain messaging? Only time will tell.
Interesting Reads
1) Building With Modular Security Legos
2) Omnichain vs Crosschain Tokens
4) Bridges Will Die And What’s Next
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