Solv Protocol and Re Migrate Nearly $1B to Chainlink CCIP
- Solv Protocol has moved $700 million in tokenized Bitcoin from Layerzero to Chainlink CCIP.
- An April exploit drained approximately $292 million from KelpDAO, prompting security reviews across DeFi bridging infrastructure.
- Re (re.xyz) selected Chainlink CCIP for its reUSD stablecoin, with a protocol TVL exceeding $475 million.
- The combined migration of Solv and KelpDAO assets totals nearly $1 billion, enhancing Chainlink’s position as a preferred cross-chain standard.
Following a significant exploit, Solv Protocol and Re have shifted their cross-chain operations to Chainlink CCIP due to its robust security features, including multiple independent node operators and built-in rate limits. This move reflects a broader trend towards prioritizing default security over flexibility in the DeFi sector.
The migration of nearly $1 billion in assets underscores the industry’s shift towards more secure infrastructure solutions following recent vulnerabilities in cross-chain protocols. (Source)
