On September 28 local time, blockchain-oracle provider Chainlink launched CCIP 2.0, a new version of its Cross-Chain Interoperability Protocol. The technology transfers tokens and messages between different blockchains, and the new version expands the ability of institutions and asset issuers to configure verification procedures and transfer conditions.
Core verification is performed by Chainlink's validation network of 16 independent node operators. An issuer can operate its own Cross-Chain Verifier, or CCV, or select an external verification service to require an additional check. For example, it could require extra approval only for transfers above $1 million. External verification services may charge separate verification fees in addition to the standard CCIP fee.
Issuers can also adjust the waiting period before a transfer is executed. By default, CCIP waits until a transaction on the source blockchain reaches finality, but an issuer can shorten the confirmation period so execution occurs more quickly on the destination blockchain. Doing so requires accounting for the risk that the source-chain transaction record could later change. Issuers may also integrate Chainlink's Automated Compliance Engine, or ACE, to apply their know-your-customer and anti-money-laundering conditions during a transfer through allowlists, blocklists, and sanctions screening.
Chainlink said Lombard is adopting the customizable verification feature, while Infosys and Nethermind are among the companies developing and operating verification infrastructure for customers. The company said tokens using CCIP represent more than $84 billion in total value and that tokens worth more than $15 billion adopted CCIP over the past four months.