Crypto infrastructure agency BitGo (BTGO) is ready to switch LayerZero with Chainlink because the unique cross-chain supplier for wrapped bitcoin (WBTC). The transfer pushes the worth lined by introduced LayerZero-to-Chainlink migrations to just about $15 billion.
The transfer kinds a part of a migration wave that began following the $292 million exploit of Kelp DAO’s LayerZero-powered bridge earlier this 12 months, which elevated scrutiny of LayerZero bridge configurations. Numerous different initiatives, together with Mantle, Kelp, Lombard, Solv Protocol, Virtuals, Re and Kraken have since introduced strikes to Chainlink’s CCIP.
WBTC is a tokenized illustration of bitcoin designed to trace its worth. In contrast to native bitcoin, it may be utilized in decentralized finance functions on different blockchains for buying and selling, lending and collateral.
WBTC presently has a market capitalization of about $7.4 billion, based on CoinMarketCap. Including it to the $7.24 billion lined by earlier migration bulletins takes the whole funds transferring their cross-chain infrastructure to CCIP to roughly $14.6 billion.
BitGo stated it would standardize WBTC deployments utilizing Chainlink’s Cross-Chain Token customary and use CCIP by default for future property it points.
