Following the KelpDAO attack, cross-chain infrastructure security has once again become a topic of discussion in the cryptocurrency industry, and it has been reported that many protocols have moved away from the LayerZero infrastructure and moved to the Cross-Chain Interoperability Protocol (CCIP) system developed by Chainlink.
According to recent industry data, approximately $4 billion in assets have migrated or are in the process of migrating from LayerZero to Chainlink CCIP.
Following the $292 million loss resulting from the May 16 KelpDAO attack, cross-chain security scrutiny has intensified and DeFi Protocol Lombard has become the latest project to join the migration wave. In a statement, the company announced that after a thorough internal security review, it had stopped using LayerZero and migrated over $1 billion in Bitcoin-backed assets to the Chainlink CCIP infrastructure.
Lombard announced that it will issue two Bitcoin-backed tokens, LBTC and BTC.b, while prioritizing asset transfers to the Solana, Etherlink, Berachain, Corn and TAC networks. The protocol also stated that it would completely end the use of LayerZero on Morph and Swell.
Related news What’s the Latest News on the Altcoin (AVAX) Silent Avalanche? Are there any new projects or initiatives?
The company said its choice of Chainlink CCIP was based on security elements such as independent node operators, an internal price capping mechanism, and audited infrastructure. Lombard will also adopt Chainlink’s cross-chain token standard, supporting cross-chain asset transfers using a “burn and mint” model.
Kelp DAO, Solv Protocol, Re and cryptocurrency exchange Kraken had already completed similar transition processes. These transitions would have involved approximately $4 billion in total assets.
Johann Eid, Director of Business Development at Chainlink Labs, said in his comments on the matter: “We are seeing a continued wave of migration to safe havens in the industry. »
*This does not constitute investment advice.
