We’re excited to announce that Lekker Finance has integrated Chainlink CCIP—the industry standard for secure cross-chain interoperability—across Ethereum and L2s including Arbitrum and Base testnets. We’re leveraging CCIP’s Simplified Token Transfer and arbitrary messaging functionality capabilities to facilitate cross-chain token transfers and governance, helping enable users to burn/mint our tokens across multiple chains and easily participate in our governance process by sending messages cross-chain.
We selected CCIP as our go-to interoperability solution because Chainlink has a proven track record of maintaining the highest standard of security and reliability in the Web3 industry. Furthermore, CCIP is backed by the Risk Management Network—a separate, independent network that continually monitors and verifies cross-chain operations for suspicious activity. This additional layer of security is particularly important given historical industry exploits and the billions in user funds lost due to insecure and unreliable cross-chain infrastructure.
Lekker Finance is a next-gen DeFi protocol that enables users to easily enter leveraged positions with a single transaction while accessing liquidity from leading DeFi protocols. By integrating CCIP, we’re able to better leverage the multi-chain DeFi ecosystem through simplified token transfers and enhance decentralization through cross-chain governance.
In order to help secure our cross-chain governance process and token transfers, we needed access to a highly secure and reliable interoperability solution. After reviewing various solutions, we integrated Chainlink CCIP because it provides a multitude of important benefits and features, such as:
- Time-tested security and reliability—CCIP’s consensus and interoperability layer is powered by Chainlink decentralized oracle networks, which 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.
- Simplified Token Transfers—CCIP features a plug-n-play solution consisting of audited token pool contracts that handle the complexity of burning and minting or locking and minting tokens across chains. CCIP’s Simplified Token Transfers also have additional security features like Rate Limits, and enable ecosystem partners to easily build new capabilities around a supported token via a single CCIP interface.
- Flexible and programmable—CCIP messages are programmable, meaning token transfers and arbitrary data transfers can be one atomic transaction. This enables instructions to be passed in the data payload regarding what to do with the tokens once they arrive at the destination chain. 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.
- Future-proof—CCIP is built to support continuous updates, such as the integration of new blockchains, the introduction of advanced functionalities, and the addition of other defense-in-depth approaches to security. Thus, integrating CCIP eliminates future switching costs should new cross-chain functionalities be required.
In order to grow our cross-chain community, we plan to expand our cross-chain governance and token transfer mechanisms by integrating CCIP across additional chains in early 2024.
“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.” –Peter Prado, Founder
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Lekker
Lekker Finance is an innovative DeFi protocol that allows users to easily enter tokenized leveraged positions with a single transaction, while accessing billions in DeFi liquidity from leading DEXs and Lending Protocols such as Uniswap and Aave.
Learn more about Lekker by visiting lekker.finance or reading the Lekker Blog.