The blockchain bridge application “Transporter,” developed by data provider Chainlink (LINK), was revealed on Thursday. It enables users to transfer data and cryptocurrency assets between different networks.
In an interview on Telegram, a Chainlink representative described the bridge’s goal as providing “a cost-efficient way to make high-value token transfers across blockchains with peace of mind” and making it accessible to both individuals and organizations.
According to the press statement, Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX are the first blockchains that Transporter will support.
With this release, the cryptocurrency industry’s leading software platform for bridging blockchain rails with outside data—also known as an oracle service—enters the rapidly expanding field of blockchain bridges. Bridges are essential for connecting the ever-growing number of separate blockchain tracks and facilitating the transmission of currency and data between them as the digital asset ecosystem grows. Throughout the month, assets valued at almost $12 billion were moved between chains via existing bridges. However, bridges are frequently the subject of attacks and exploits, putting users at danger of losing money.
The blockchain industry has long required a safe means to transfer wealth and data between chains, according to a statement from Chainlink co-founder Sergey Nazarov. “Transporter makes it easier to utilize the security benefits of Chainlink’s CCIP for the transfer of large token value and critical messages across chains.”
The technology that underpins Chainlink’s collaboration with SWIFT, a closed network that banks use to conduct international money transfers, is the foundation upon which Transporter was constructed. This protocol is called Cross-Chain Interoperability Protocol (CCIP).
In addition, the platform provides real-time visual tracking to monitor the status of transfers between chains and offers global assistance. It levies the standard CCIP fee, which pays for the costs paid to CCIP service providers as well as the cost of carrying out the transaction on the destination blockchain.
“I anticipate that Transporter will swiftly become the norm for cross-chain facilitation for high-value applications,” stated Nomatic, an investor at Fourth Revolution financing, a venture financing firm that was among the initial adopters of the bridge.