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Aave Chainlink CCIP

Aave Seeks To Integrate Chainlink’s CCIP For GHO Transfers

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in DeFi
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Aave, a decentralized finance (DeFi) platform, has published a governance proposal to integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for secure cross-chain transfers of its GHO stablecoin. 

Aave Wants To Integrate Chainlink’s CCIP For Cross-Chain GHO Transfers

The suggestion, floated by Aave Labs, the lending and borrowing protocol’s developer, says the CCIP integration addresses the current limitations of its algorithmic stablecoin, GHO, if approved by the community. As it is currently constituted, the stablecoin is primarily accessible only via minting on Ethereum or through secondary markets.

According to CoinMarketCap data, GHO recorded a trading volume of around $1.6 million in the past 24 hours. At the same time, GHO is available in several secondary markets, including Uniswap v3 and Balancer v2 on Ethereum. 

GHO markets | Source: CoinMarketCap
GHO markets | Source: CoinMarketCap

However, considering its role in DeFi and Aave, this volume is relatively lower. DAI, the algorithmic stablecoin managed by MakerDAO, already boasts a market cap of over $5.3 billion, with trading volume in the past 24 hours exceeding $124 million. 

Technically, Chainlink’s CCIP offers a framework enabling secure cross-chain communication between multiple blockchains. Through this solution, incorporating protocols can transfer assets and data across different protocols. In this way, CCIP seems to be a secure alternative to bridges that act as channels for moving assets across blockchains but have been targeted on multiple occasions, leading to loss of user funds. 

Related Reading: Donald Trump Wants To Ban CBDCs As US Presidential Race Heats Up

By implementing CCIP, Aave aims to transform GHO into a multichain asset, enabling stablecoin users to interact with it across various blockchain networks. In this assessment, this integration will significantly enhance GHO’s liquidity, accessibility, and interoperability. All this will likely lift GHO the stablecoin and liquidity ranking, further boosting Aave’s total value locked (TVL).

Aave TVL | Source: DeFiLlama
Aave TVL | Source: DeFiLlama

According to DeFiLlama data on January 18, Aave manages over $7.3 billion of assets and deploys them in 10 chains, including Polygon, Avalanche, and several Ethereum layer-2 options like Optimism and Arbitrum.

Will LINK Break Above $17?

The integration of CCIP will be a crucial development in the Aave and Chainlink ecosystems. Though the move could boost GHO liquidity and improve access, LINK and AAVE may also benefit. 

Related Reading: Bitcoin ETFs Face Regulatory Roadblock In Singapore – Here’s Why

CCIP is designed to incentivize integrating protocols, such as Aave, to pay fees using LINK, the native token of Chainlink. Using this token means they are not surcharged. If they choose to pay using AAVE, Aave’s native governance token, they will be subject to a 10% surcharge fee. 

Chainlink price trending upward on the daily chart | Source: LINKUSDT on Binance, TradingView
Chainlink price trending upward on the daily chart | Source: LINKUSDT on Binance, TradingView

LINK is firm and trading at near December 2023 highs. Thus far, the token is up 170% from September 2023 lows. A break above $17 may push the token to fresh highs to continue the solid march up from H2 2023.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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