Chainlink launches new version of its crypto bridge tech 'CCIP' to give apps more control over their security
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Summary
Chainlink launched CCIP 2.0, an upgrade to its Cross-Chain Interoperability Protocol that allows companies to add their own security checks to blockchain transfers alongside Chainlink’s default 16-operator verifier network. This update follows the $292 million hack of the Kelp DAO in April, which exploited a LayerZero bridge that relied on a single verifier. Chainlink's previous Risk Management Network no longer acts as a separate safeguard, meaning users who do not add their own verifiers now rely on a single verification network.
Why it matters
The development aims to improve security in cross-chain transfers, an area vulnerable to hacks due to verifier failures as demonstrated by the Kelp DAO incident. Chainlink intends to make it easier for users to implement additional security without needing deep technical expertise. The source suggests this upgrade addresses longstanding security challenges in bridging infrastructure in DeFi.
Key context
Blockchains cannot communicate directly, so bridges use verifiers to confirm transactions on one chain before transferring funds to another. The Kelp DAO hack exploited the risk of relying on just one verifier, showing the importance of multiple verification layers. Chainlink initially launched CCIP in 2023 to facilitate token and message transfers between chains and now provides customizable verifier options through CCIP 2.0.
Key numbers and entities
Chainlink, CCIP 2.0, Kelp DAO, LayerZero, Lazarus Group (alleged attackers), Infosys, Nethermind, Aave, Maple, $292 million (amount stolen in the Kelp hack). Chainlink's verifier network has 16 independent node operators.
What remains unclear
The source does not specify which institutions have adopted the new verifier options beyond a mention of Aave and Maple adopting other upgrade features. It also does not detail how many current users add their own verifiers versus relying solely on Chainlink’s default network. The impact of removing the Risk Management Network's separate safeguard is not fully explained.