LINK price increases after Chainlink Transporter launch

On April 11, Chainlink announced Transporter, which it describes as “the next evolution of cross-chain bridging.”

The app is powered by Chainlink’s Cross Chain Interoperability Protocol (CCIP). This allows smart contracts to securely access data from external systems and enables trustless data connections between blockchains.

“Having a secure way to move value and data across chains is something the blockchain industry has needed for years,” said Chainlink co-founder Sergey Nazarov.

We are pleased to introduce @transporter_ioThe next evolution of cross-chain bridging #Chainlink CCIP.

Transporter is your gateway to the multi-chain world.

Crosschain with Confidence: https://t.co/OJ9XWcAy4F pic.twitter.com/ANNWiFfXdC

— Chainlink (@chainlink) April 11, 2024

Chainlink’s evolution continues

Bridges play an important role in connecting different blockchains, but they have recently become the target of abuse and hacking.

Initially, Transporter will be available on Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, and Polygon.

“Bridging assets should never feel like throwing tokens into a black hole,” the Chainlink team said, adding that Transporter’s visual transaction tracker provides users with real-time updates on the exact status of cross-chain transfers. end.

“Transporter makes it easier to leverage the security benefits of Chainlink CCIP for transporting large token values ​​and sensitive messages between chains,” Nazarov explained.

In a separate blog post on April 11, Chainlink also introduced a new “lock and unlock” token transfer mechanism for CCIP. This allows native tokens such as ETH to be safely transferred across various blockchain networks.

With the latest features, CCIP now supports three token transfer methods: burn and mint, lock and mint, and lock and unlock.

Chainlink has also introduced an optimized pricing model to make CCIP one of the most cost-effective solutions for cross-chain token transfers.

According to Dune Analytics, CCIP network fees and revenues have soared recently, hitting $258,170 in March, more than 300% higher than February’s figure.

LINK price outlook

Like most altcoins, LINK has been correcting since its 2024 high in mid-March. However, recent product announcements have seen the asset rise 4.7% in the last 12 hours, reaching an intraday high of $18.

However, LINK has fallen 18% from its 2024 high of $21.70 on March 11 due to the slump in altcoins.

Although the asset is down 66% from its May 2021 high of $52.70, analysts see great potential for LINK in the upcoming alt season due to its real-world asset (RWA) tokenization properties.