Key facts
- Chainlink launched CCIP 2.0, allowing institutions to run their own verifiers for cross-chain transfers.
- The upgrade follows the $292 million hack of Kelp DAO, a protocol that used LayerZero.
- Kelp DAO, Kraken, and Lombard Finance moved to Chainlink after the hack.
- Chainlink's Risk Management Network's automated off-chain role is no longer active in current CCIP deployments.
- Institutions can now use starter kits on AWS and Google Cloud to deploy their own verifiers.
Chainlink has launched CCIP 2.0, an updated version of its cross-chain interoperability protocol, allowing institutions to deploy their own custom verifiers for transfers between blockchains. This move comes five months after the $292 million hack of Kelp DAO, a decentralized finance protocol that utilized LayerZero technology. The Kelp DAO hack, attributed to North Korea-linked Lazarus Group, prompted entities like Kraken and Lombard Finance to migrate their assets to Chainlink's platform.
CCIP 2.0 introduces the Cross-Chain Verifier (CCV) feature, enabling institutions to either run their own verification nodes or engage third-party firms like Infosys or Nethermind. These custom verifiers act as a second layer of security, supplementing Chainlink's default verification network, which consists of 16 independent node operators. Previously, Chainlink's CCIP also relied on a separate Risk Management Network for an additional off-chain check, but this automated role is no longer active in current deployments, though it may return as an optional layer in future releases.
The upgrade addresses concerns about single points of failure in bridge infrastructure, which have led to billions of dollars in losses to hackers over the years. Chainlink Labs Chief Business Officer Johann Eid stated that legacy bridges often suffer from insecure infrastructure, while in-house solutions are costly and slow, and proprietary networks may lack peer trust. Chainlink reports that CCIP currently secures over $84 billion in cross-chain token value, with 18 companies listed as launch partners for CCIP 2.0.