Chainlink seeks to enhance cross-chain security using Transporter.

Chainlink attempts to improve the security of cross-chain bridges, which account for approximately half of the value lost due to DeFi vulnerabilities. Chainlink’s newly launched cross-chain messaging app aims to address the pressing security concerns surrounding cross-chain crypto transfers, according to a Chainlink spokesperson. “The ChainLink CCIP, which underpins Transporter, is the only cross-chain protocol to achieve level-5 security, allowing users peace of mind.”

Chainlink announced the release of Transporter, a cross-chain messaging tool for bridging tokens, on April 11. Transporter, based on Chainlink’s Cross-Chain Interoperability Protocol (CCIP), intends to promote more secure cross-chain crypto transfers through a user-friendly smartphone interface. Cross-chain bridges allow users to enable transactions across multiple blockchain networks. They represent some of the most significant cryptographic vulnerabilities. One of the largest cryptocurrency exploits in history occurred in 2022 when Axie Infinity’s Ronin Bridge was emptied for more than $600 million. The vulnerability targeted a private key multi-signature method, a security mechanism that eventually proved ineffective.

Transporter allows users to track their cross-chain transactions in real-time using Chainlink’s CCIP Explorer, with no additional transaction fees beyond the CCIP service provider price. It now supports the following blockchain networks: Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX. Transporter intends to eliminate these risks by enabling safer cross-chain transfers for both institutions and retail users:

“Transferring cryptocurrency across chains has traditionally been a dangerous activity, with bridge attacks accounting for approximately half of the value hacked in Web3. 

Transporter takes use of Chainlink CCIP’s unparalleled levels of security, which include an independent Risk Management Network that constantly monitors and validates the behavior of every cross-chain transaction over CCIP.” While the number of cross-chain exploits has decreased since the beginning of the year, hackers continue to target blockchain bridge weaknesses. Orbit Chain was hacked in January for $81 million in digital assets as a result of a cross-chain bridge vulnerability.

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