21 April, 2024

Lekker Finance Integrates Chainlink CCIP for Cross-Chain Token Transfers

06 Sep, 2023

23 Nov, 2023

  • Lekker to leverage CCIP’s Simplified Token Transfer and arbitrary messaging to enable cross-chain token transfers and governance. 
  • Users can burn/mint Lekker’s tokens across multiple chains and participate in governance by sending cross-chain messages.
  • Lekker co-founder says that Chainlink’s cross-chain solution will enhance security and user-friendly experience for their users.

DeFi protocol Lekker Finance integrated Chainlink Cross-Chain Interoperability Protocol (CCIP). CCIP is a secure, and reliable interoperability protocol for building cross-chain applications and services. This integration spans across Ethereum and L2s including Arbitrum and Base testnets.

Chainlink took to Twitter to announce Lekker Finance’s integration of CCIP:

In the official announcement, Lekker specified that it would leverage CCIP’s “Simplified Token Transfer” and arbitrary messaging functionality capabilities to facilitate cross-chain token transfers and governance. CCIP Simplified Token Transfers is a plug-and-play solution comprised of audited token pool contracts that manage the complexities of burning and minting or locking and minting tokens between chains.

Lekker co-founder Peter Prado said,

Powering our token transfers and governance mechanism with Chainlink CCIP is a must for the expansion of our protocol across the multi-chain DeFi ecosystem. Because security is paramount for us, selecting Chainlink’s cross-chain solution will strengthen Lekker’s ability to offer a more secure and great user experience.

Recently, Chainlink announced that the Cross-Chain Interoperability Protocol (CCIP) had entered the Mainnet Early Access phase on the Ethereum, Optimism, Polygon and Avalanche blockchains. Lekker Finance, which is a DeFi protocol that enables users to easily enter leveraged positions with a single transaction while accessing liquidity from leading DeFi protocols, integrated CCIP for its features.

Powered by Chainlink decentralized oracle networks, CCIP’s consensus and interoperability layer have already secured tens of billions of dollars for smart contracts and enabled over $8 trillion in on-chain transaction value. CCIP also features additional layers of protection and reliability via the Risk Management Network and Smart Execution.

Due to CCIP messages being programmable, token transfers and arbitrary data transfers could be one atomic transaction. CCIP also supports multiple token handling mechanisms on the source and destination chains (e.g., burn and mint, and lock and mint) to open up a wider range of use cases.

Integrating CCIP eliminates future switching costs should new cross-chain functionalities be required. In April 2023, Lekker Finance joined the Chainlink BUILD program allowing Lekker to expand its ecosystem by prioritizing Chainlink’s essential web3 infrastructure. The Chainlink BUILD programme aims to strengthen the Chainlink Network by supporting promising early-stage startups in the Chainlink ecosystem.



By using this site, you agree to the Privacy Policy and Terms of Use.