Mode Innovations, an Ethereum (ETH) Layer 2 (L2) solution, has joined forces with Chainlink, the most widely used blockchain oracle network in the world, to integrate the Chainlink Cross-Chain Interoperability Protocol (CCIP) with Mode.
This new Formatic integration enhances the security requirements introduced with Mode to a point where this system can operate in a number of decentralized (DeFi), and real world asset (RWA) use cases.
Chainlink CCIP (Chainlink Certified Interoperability and IT Security Standard) is now recognized as a market standard for security and interoperability. Mode will enable cheap Programmable Token Transfers and support cross-chain Arbitrary Messaging through Chainlink CCIP-integrated oracles.
The rollout of this update will create network effects throughout the multicoin chain promoting the use of Mode layer 2 solutions to establish a much more friendly and inclusive blockchain network.
Mode’s Vision for Growth and Security
Mode is designed to help developers and users build, grow and maintain a vibrant set of interconnected applications and rewards developers that build, work together and run their application in its ecosystem.
This is a tool that specifically targets developers who are already familiar with Ethereum-compatible blockchains using the Ethereum Virtual Machine (EVM), so they need to switch and be able to start developing a loose coupling.
Mode Core Contributor James Ross said the decision to feature Chainlink CCIP was strategic in nature, making note of its unprecedented level-five security standard, which is a must-have for the sustainment of long-term growth and the facilitation of an all-encompassing cross-chain ecosystem. This method of integration helps developers focus more on scaling their applications quickly, and users earn rewards from more sophisticated economic strategies.
Mode 🟡 Integrates Another Big NameMode integrates the industry-standard @chainlink CCIP as Canonical Cross-Chain Infrastructure.CCIP is secured by battle-tested Chainlink infrastructure that has enabled over $12 trillion in transaction value 👇https://t.co/WkBNDVxNwI pic.twitter.com/4agAxcwA0x
— Mode 🟡 (@modenetwork) June 19, 2024
CCIP is built upon the secure infrastructure of Chainlink, a top oracle solution securing over $12 trillion in cumulative transaction value, offering an immutable foundation for Mode. The financial infrastructure of NETWORKED is also supported by an independent body called the Risk Management Network that monitors and validates all cross-chain activities 24/7 to prevent potential security leaks. In the past, fundamental vulnerabilities in cross-chain operations have already led to significant financial losses, which means that this level of security is of utmost importance.
Johann Eid, Chief Business Officer, Chainlink Labs, commented on the partnership, expressing excitement about the development. He said that the integration of CCIP in Mode not only advances Mode’s layer-2 capabilities and makes the user experience better, but also provides developers with a robust set of tools for developing secure and scalable applications.