Solv Protocol Shifts $700M Tokenized Bitcoin to Chainlink CCIP
- Solv Protocol is migrating over $700 million in tokenized Bitcoin infrastructure from LayerZero to Chainlink CCIP.
- This move follows a $292 million exploit of Kelp DAO linked to LayerZero’s bridge technology.
- The migration aims to enhance security by standardizing on Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
- Solv Protocol will deprecate LayerZero bridge support for Corn, Berachain, Rootstock, and TAC.
- Previous major cross-chain bridge attacks include the $622 million Axie Infinity Ronin network exploit in 2022.
Following a significant security review prompted by recent cross-chain hacks, Solv Protocol is transitioning its infrastructure to Chainlink’s CCIP for enhanced security and reliability in handling tokenized Bitcoin transfers across blockchains.
This strategic shift underscores the growing scrutiny of cross-chain bridge security within the DeFi industry, as protocols seek robust solutions against vulnerabilities highlighted by recent exploits. (Source)
