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Premier Decentralized Oracle protocol Chainlink (LINK) has expanded its ecosystem with the launch of its Cross-Chain Interoperability Protocol (CCIP) on the Arbitrum One Mainnet. As detailed in an announcement shared by Chainlink, the integration can now give Arbitrum's developers access to the CCIP, which has been regarded as one of the most functional smart contract development environments.
Since most developers in Web3 are in search of an avenue to transfer tokens, send messages and initiate actions across various blockchains, the CCIP has proven to be the right tool to harbor all of these functionalities. Notably, developers will also gain access to high security for carrying out their tasks, as backed by Chainlink's robust oracles.
Deploying on Arbitrum is a strategic push for Chainlink, which has placed a great emphasis on expansion in recent times. Arbitrum is arguably one of the biggest scaling solutions on Ethereum, with its own dedicated community and user base. The partnership will help both form a synergy that will largely contribute mutually to the growth and expansion of both blockchain protocols.
This celebrated partnership is a product of months of effort the protocol has put into powering its accessibility in the industry.
Impact on LINK and ARB
The integration of the CCIP within the Arbitrum protocol might have a bullish upside for the native tokens of the two networks in the long run. Since most developers are likely to gravitate toward a hub that makes their work easier, we may begin to see more usable decentralized applications (dApps) that can drive user adoption in the long term.
The announcement, however, has not yielded much impact on LINK, which is down by 2% over the past 24 hours to $6.75, according to data from CoinMarketCap. Arbitrum is also seeing a slump, with valuation down by 3.3% to $0.8211.