Chainlink CCIP market adoption wave
The developments in this story so far, most recent first.
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Development
BitGo to replace LayerZero with Chainlink for WBTC cross-chain services
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· date approximate Background
A $292 million exploit of Kelp DAO's LayerZero-powered bridge occurred.
Earlier this year, a $292 million exploit occurred involving Kelp DAO's bridge which was powered by LayerZero.
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· date approximate Background
BitGo selected LayerZero to expand WBTC across blockchains.
In 2024, BitGo selected LayerZero to expand the reach of wrapped bitcoin (WBTC) across various blockchains. This initial expansion utilized the LayerZero technology for deployments on the Avalanche and BNB Chain networks.
The configuration used by BitGo required its own verifier alongside either LayerZero or Polyhedra to approve each cross-chain transfer.