Chainlink Upgrades Cross-Chain Communication Tech with CCIP 2.0

Chainlink has released an upgraded version of its cross-chain communication and token bridge technology called CCIP 2.0.

The upgrade aims to prevent future hacks like the one that occurred in April, where a $292 million loss was incurred due to a single-verifier setup on LayerZero's rival bridge.

CCIP 2.0 allows companies to add custom security verifiers on top of Chainlink's default 16-node operator network, providing an extra layer of protection against potential attacks.

The new upgrade also retires the Risk Management Network safeguard and replaces it with optional verifiers that can be run in-house or through outside providers like Infosys and Nethermind.