Bitcoin-focused DeFi platform Solv Protocol introduced that it’s absolutely migrating to the Chainlink Cross-Chain Interoperability Protocol (CCIP) as a part of its up to date safety technique for cross-chain transactions.
The transfer will cowl greater than $700 million in Bitcoin-related belongings throughout SolvBTC and xSolvBTC.
Solv Ends LayerZero Bridging Help
As a part of the transition, Solv mentioned it would discontinue LayerZero bridging assist for SolvBTC and xSolvBTC on Corn, Berachain, Rootstock, and TAC. The platform defined that it’s lowering danger publicity on its current bridging stack and standardizing its infrastructure on Chainlink CCIP.
Solv described cross-chain bridges as one of many highest-risk areas in decentralized finance, whereas noting that vulnerabilities in bridge infrastructure can create important systemic dangers for the sector. The platform additionally confirmed finishing up a whole up to date evaluate of accessible cross-chain interoperability options earlier than deciding on Chainlink CCIP.
Commenting on the event, Chainlink Labs’ Chief Enterprise Officer, Johann Eid, mentioned,
“We’re proud to work with the Solv crew and assist their migration to Chainlink CCIP because the standardized method that their wrapped Bitcoin belongings are securely transferred cross-chain. Solv’s migration to CCIP displays a broader shift throughout the DeFi business of main protocols adopting Chainlink to ship the very best degree of safety required to convey the following billion customers onchain.”
LayerZero Breach Fallout Deepens
Solv Protocol’s choice emigrate its cross-chain infrastructure to Chainlink comes weeks after the huge April 18 exploit involving LayerZero-powered KelpDAO, which resulted in losses of roughly $292 million. The attacker, reportedly linked to North Korea’s Lazarus Group, allegedly exploited weaknesses tied to LayerZero’s infrastructure, based on KelpDAO’s public statements.
The DeFi protocol pushed again towards claims from LayerZero Labs that the breach stemmed from a configuration situation distinctive to KelpDAO. As a substitute, Kelp argued that the setup adopted LayerZero’s official documentation and mirrored an ordinary deployment mannequin utilized by many functions throughout the ecosystem.
Kelp additional claimed that LayerZero’s DVN signed cast transactions value greater than $100 million earlier than the protocol paused its contracts and stopped extra losses. LayerZero later acknowledged in its postmortem that attackers gained entry to RPC endpoints related to its DVN and compromised a number of nodes throughout what it described as an RPC spoofing assault.
Following the exploit, KelpDAO introduced plans to maneuver away from LayerZero’s OFT commonplace and transition rsETH to Chainlink’s CCIP framework.
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