Chainlink Cross-Chain Interoperability Protocol (CCIP) Now Live on Arbitrum One

Chainlink, the industry-standard Web3 services platform, and Arbitrum, the most widely used layer 2 scaling solution suite for Ethereum dApp development, have announced today the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One.

Timeline of Arbitrum, Chainlink

Arbitrum (ARB) price performed dismally this month, dropping 14% from $0.95 to $0.82, but the recent Post.Tech launch could potentially buck the trend. On-chain analysis explores how investor interest in the SocialFi trend could propel Arbitrum price.

Chainlink (LINK) has caught the attention of crypto analyst Rekt Capital, who has offered an optimistic outlook for LINK. In a new price prediction, he suggested that the decentralized oracle network is on the verge of a significant recovery.

Chainlink's supply held by whales recently soared to a new weekly high, indicating that there was a large whale purchase. This may have contributed to the bullish momentum observed in the last few days.

One of Australia's major banks, the Australia and New Zealand Banking Group (ANZ), recently announced its adoption of Chainlink's cross-chain interoperability protocol (CCIP) for simulating tokenized asset purchases.

ANZ, one of Australia's “Big Four” banks, has completed a transaction with tokenized assets utilizing its A$DC stablecoin and Chainlink's Cross-Chain Interoperability Protocol, or CCIP.

Chainlink (LINK), the cryptocurrency known for its decentralized oracle network, has been facing a challenging period in recent days as it grapples with a persistent bearish trend. Despite some positive developments in the crypto space, LINK's price has been on a downward trajectory, failing to capitalize on favorable news.

Nearly all of Arbitrum's 619,000 investors are now in a losing position, with losses reaching 62% from the highest point. Currently, the crypto market is experiencing its highest level of fear in almost eight months.

Amidst the recent crypto market downturn, several significant players, including Jump Trading, Wintermute Trading, and Abraxas Capital, initiated large-scale transfers of BTC, Arbitrum (ARB), and ETH to various crypto exchanges, as per on-chain data.

Arbitrum (ARB), the fast-growing Ethereum scaling network, saw its token plunge to a record low on Monday. The token slipped to a low of $0.80, much lower than its record high of $1.88. This decline brought its market cap to more than $1 billion. Arbitrum's token decline coincided with more weakness in the futures market.

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the $26,000 level on Monday. Ethereum (CRYPTO: ETH) also traded lower, falling below the key $1,600 mark this morning.