The Chainlink CCIP v1.5 upgrade just went live on mainnet. This upgrade will mostly focus on its new CCT standard, which will mostly be used to offer developers a wide array of new tools to integrate their token projects.
LINK is up by nearly 7% today, however, the altcoin has seen significant price corrections in the past month.
Chainlink Upgrades CCIP
Chainlink, an influential blockchain technology and infrastructure firm, has attracted considerable attention with its Cross-Chain Interoperability Protocol (CCIP).
For months, the company has tried to use CCIP to attract major clients, and it’s already seen success in gaining institutional investors. Now, a major new update has gone live on the mainnet.
“The Chainlink CCIP v1.5 upgrade is now live on mainnet for all developers. This release empowers devs to take their tokens cross-chain in a self-serve manner, deploy Cross-Chain Tokens (CCTs) across 20+ blockchains in minutes, & much more,” the firm claimed on social media.
According to a blog post from Chainlink, CCIP v1.5 is focused on scaling the number of tokens integrated and making the protocol easier for developers to use.
It introduces a Cross-Chain Token (CCT) Standard, with the intent of making it easier than ever to add new tokens onto CCIP. Several major networks have already integrated Chainlink, and CCT will improve these collaborations.
However, it’s currently unclear if this CCIP upgrade will improve the price of Chainlink’s LINK token. Its value stagnated throughout December, and Chainlink’s newest major partnerships haven’t arrested the decline.
Since the firm announced this latest upgrade, LINK’s price has increased slightly, but it’s unclear if this will create real momentum.
Chainlink also introduced several other new features in CCIP v1.5, but most of them are related to the new CCT standard. For example, it includes a new front-end web interface for developers to manage CCT tokens.
The new upgrade also introduces a way for devs to attest to token burn or lock events on source chains before CCIP can mint or unlock tokens on destination chains. Ultimately, it’s unclear how much immediate success Chainlink will see from this CCIP update.
Nonetheless, the firm has a vested interest in CCIP’s long-term reputation as an industry standard, and these upgrades show that this goal is still a priority. Whether or not LINK jumps back up quickly, Chainlink may not need rapid growth here.
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