By
Svetlana Soroka
April 29th, 2024
The Chainlink’s new bridge platform Transporter aims at moving high-value data across multiple chains, including Ethereum, Arbitrum, BNB Chain, Polygon, and Base, among others.
The Chainlink (LINK) network has grown to a major data ecosystem securing high-value Web3 communications at scale. The Chainlink network through its products in the market has attracted significant attention from investors all over the world. As a result, the mid-cap altcoin, with a fully diluted valuation of about $17 billion, has been on a rising trend since the bullish breakout late last year.
Chainlink Introduces Transporter
After months of meticulous research and development, the Chainlink team unveiled its next-generation cross-chain bridging platform dubbed Transporter. According to the announcement, Chainlink’s Transporter is powered by the Cross-Chain Interoperability Protocol (CCIP). Furthermore, Chainlink’s CCIP is battle-tested by both web3 and web2 users including SWIFT.
“Having a secure way to move both value and data across chains is something the blockchain industry has needed for years. Transporter makes it easier to utilize the security benefits of Chainlink’s CCIP for the transfer of large token value and critical messages across chains,” Sergey Nazarov, Chainlink co-founder, noted.
Notably, Chainlink’s Transporter app will initially support several chains with plans to include more with time. Some of the currently supported blockchains include Arbitrum (ARB), Avalanche (AVAX), Base, BNB Chain, Ethereum (ETH), Optimism (OP), Polygon (MATIC), and WEMIX.
Built in association with the Chainlink Foundation, with support from Chainlink Labs, Transporter radically simplifies the experience of initiating cross-chain transfers over #CCIP.
CCIP (backend) 🤝 Transporter (frontend)
Full details in the post below: https://t.co/j0HFflPP0L
— Chainlink (@chainlink) April 11, 2024
Additionally, Chainlink’s Transporter will initially support a select altcoin to bridge including Ether, USDC, LINK, and several liquid staking tokens, among others. The Chainlink Transporter will use standard fees reflected on the CCIP, which is designed to reduce friction for all users.
“Tokens transferred via burn and mint or lock and mint token transfer mechanisms incorporate a flat fee premium model, in addition to the variable gas cost overhead. Tokens transferred via a lock-and-unlock token transfer mechanism, such as ETH, have a percentage-based fee premium model, in addition to the variable gas cost overhead,” Chainlink noted.
Direct Impact on LINK Price Action
The introduction of the Chainlink Transporter platform will have a huge benefit to the LINK holders. On the top list, LINK will easily be accessible on various chains, thus improving the overall liquidity and on-chain activity. As a result, the overall demand for LINK coins will continue to rise in the coming months, especially amid the crypto bull cycle.
Meanwhile, LINK price has established a support level around $17, which has given the bulls a breather in preparation for a fresh uptrend. From a technical standpoint, LINK bulls must close above the psychological resistance level of around $22 to ensure a bullish momentum in the near term.
Otherwise, LINK price could drop as much as $12 if the bulls fail to hold on to the support range between $16 and $17, amid the upcoming Bitcoin halving 2024.