Chainlink's "Transporter" App Launches to Enhance Security in Cross-Chain Crypto Transfers
Summary:
Chainlink has launched Transporter, a cross-chain messaging app designed to tackle security issues in cross-chain cryptocurrency transfers. Built on Chainlink's Cross-Chain Interoperability Protocol (CCIP), Transporter provides real-time transaction tracking and supports various blockchain networks. The application is aimed at minimizing vulnerabilities which have led to substantial losses in the past, by facilitating safer cross-chain transfers for institutional and retail users.
Chainlink has recently introduced Transporter, a cross-chain messaging application, to tackle the prevailing issues around safe cross-chain cryptocurrency transfers. As stated to Cointelegraph by a representative from Chainlink, "With the new Chainlink CCIP underpinning Transporter, users can relax knowing it's the only cross-chain protocol providing level-5 security."
Transporter, announced on April 11, is an application for bridging tokens that has been designed on Chainlink's Cross-Chain Interoperability Protocol (CCIP). It strives to make cross-chain crypto transfers more secure, all while being user-friendly.
Cross-chain bridges, which allow users to complete transactions between various blockchain networks, are among the most hack-prone spots in the world of cryptocurrency. In a major breach in 2022, the Ronin Bridge of Axie Infinity was stripped of over $600 million worth of cryptocurrency, making it one of the greatest crypto exploitations in history. This breach took advantage of a private key multi-signature scheme, a security method that ultimately failed.
The Transporter application allows users to monitor their cross-chain transactions in real-time using Chainlink’s CCIP Explorer without any extra transaction charges apart from the standard CCIP service provider fee. The networks supported by Transporter at present include Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX blockchain networks.
Decentralised finance (DeFi) protocols have been exploited for a total of $5.85 billion worth of cryptocurrency since 2016, with cross-chain bridges making up over 48% ($2.83 billion) of this sum, as per DeFiLlama data.
Transporter aims to curb these vulnerabilities by facilitating safer cross-chain transfers for institutional and retail users alike. The app features unmatched security levels of Chainlink CCIP, including a separate Risk Management Network that continually supervises and authenticates every cross-chain transaction initiated over CCIP.
Despite a decrease in cross-chain breaches since the start of the year, hackers continue to take advantage of blockchain bridge weaknesses. As recently as January, Orbit Chain suffered a hack resulting in a loss of $81 million in digital assets due to a vulnerability in its cross-chain bridge.
Published At
4/11/2024 7:00:00 PM
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