Chainlink updates its crypto bridge tech months after a $292 million hack at a rival exposed risks
Source: CoinDesk ·
From the source
The new software lets companies add custom security checks so they do not fall victim to the same single-point-of-failure vulnerabilities that plagued rival bridges. Chainlink released Cross-Chain Interoperability Protocol (CCIP) 2.0 on Monday, delivering a major upgrade to its communication and bridging infrastructure that lets different blockchains talk to each other and swap funds. It lets companies add their own security checks to those transfers, with the launch coming five months after the year's biggest DeFi hack , blamed on a bridge that relied on just one of those checks. Chainlink is best known as an oracle network, feeding blockchains outside data such as asset prices that lending and trading apps depend on. CCIP, first launched in 2023, extends into moving tokens and messages between chains. Blockchains can't communicate directly, so moving a token from one to another depends on a bridge. The technology relies on verifiers, which confirm that a transaction really happened…