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Chainlink Unveils Thrilling New Integrations
- In late 2023, Chainlink’s growth was overshadowed by Bitcoin ETFs and meme coins, but it has recently announced updates, including CCIP and integrations across six blockchains.
- Hypersign is a decentralised identity platform focusing on user control over personal data and fostering digital trust.
- LandX, a RWA application in the DeFi space, operates as a DAO and aims to connect farmers with the crypto community.
- In 2024, blockchain interoperability is key, with Cosmos and Chainlink leading and a focus on overcoming current cross-chain bridge security issues to enhance innovation and decentralisation in the sector.
Chainlink saw enormous growth in late 2023, but it has been quiet around the decentralised computing platform, largely due to Spot Bitcoin ETFs and meme coins taking the spotlight. Now, Chainlink has come with an update, which includes Chainlink’s Cross-Chain Interoperability Protocol (CCIP), data streams, price feeds, automation and Verifiable Random Function (VRF).
These 15 integrations span across 6 different blockchains, including Arbitrum, Base, BNBChain, Optimism, Polygon and Ethereum itself.
Among the integrations are Aspis Protocol, a permissionless system managing assets without the need for intermediaries, and Helios Protocol, an over-collaterised decentralised USD stablecoin, as well as some interesting projects in identity, RWAs and DeFi.
Hypersign – Decentralised ID Open New Use Cases
An interesting project actually being built on Cosmos is Hypersign. This is a decentralised identity layer designed for the internet, aiming to provide users control over their personal data and identity while fostering digital trust for businesses. Hypersign utilises SSI (self-sovereign identity) which allows individuals or organisations individual ownership of their digital and analogue identities. It also allows users full control over how their personal data is shared and used. It has recently collaborated with Chainlink for Cross-Chain KYC.
It is hoped the zkProof and other Chainlink function will leverage some of Hypersign’s features such as:
- Decentralised Identity Management
- Verifiable Credentials
- Identity Wallet
- Privacy Protection and Data Monetisation
LandX – Sustainable Yield and Help for Farmers
LandX is a Real World Asset (RWA) application that connects the farming community with decentralised finance (DeFi). It operates as a DAO (Decentralised Autonomous Organisation) and is part of the growing RWA market in crypto, which is expected to reach a significant market cap by 2030. LandX supports farmers accessing funding in exchange for crop share payments, which are then tokenised on the Ethereum blockchain as xTokens. This provides crypto investors with unique exposure to farmland commodities and earns real yield.
It has also just announced its expansion to the Chainlink universe.
Interoperability Key in 2024
While RWAs, DePin, gaming and Web3 are hot topics, 2024 is likely to see much more cooperation between different blockchains. This could leverage existing projects and increase innovation, security and decentralisation, as well as drive broader adoption.
Blockchains like Cosmos and Chainlink are at the forefront of this development, and businesses are starting to take notice. A recent Deloitte report emphasises the importance of interoperability. The report stated that a key challenge hindering wider blockchain adoption is the absence of universal protocols, making communication between different platforms difficult.
Currently, cross-chain bridges are used to transfer assets and data between blockchains, but these bridges have security flaws and are often targeted due to their value concentration. This highlights the urgent need for improved cross-chain solutions to strengthen security and effectiveness in the blockchain ecosystem, according to Deloitte.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
