Analyst Tom Wan said KelpDAO, SolvProtocol and re are preparing to move to Chainlink CCIP (Cross-Chain Interoperability Protocol), a blockchain messaging and token transfer standard for moving assets and data across networks.
Analyst Tom Wan said multiple crypto protocols with about $2 billion in total value locked, or TVL (assets deposited in a protocol), plan to migrate to Chainlink CCIP (Cross-Chain Interoperability Protocol), which is designed to support cross-chain messaging and token transfers. The projects named were KelpDAO with $1.5 billion in TVL, SolvProtocol with $600 million, and re with $200 million. The update points to continued competition among interoperability providers, which supply the infrastructure used to connect separate blockchains and move assets or data between them. The source also noted that LayerZero Labs, another cross-chain infrastructure provider, had earlier apologized for a security incident and disclosed remediation measures.