Crypto infrastructure agency BitGo (BTGO) is about to exchange LayerZero with Chainlink because the unique cross-chain supplier for wrapped bitcoin (WBTC). The transfer pushes the worth coated by introduced LayerZero-to-Chainlink migrations to just about $15 billion.
The transfer varieties a part of a migration wave that began following the $292 million exploit of Kelp DAO’s LayerZero-powered bridge earlier this yr, which elevated scrutiny of LayerZero bridge configurations. Numerous different initiatives, together with Mantle, Kelp, Lombard, Solv Protocol, Virtuals, Re and Kraken have since introduced strikes to Chainlink’s CCIP.
WBTC is a tokenized illustration of bitcoin designed to trace its worth. Not like native bitcoin, it may be utilized in decentralized finance functions on different blockchains for buying and selling, lending and collateral.
WBTC at the moment has a market capitalization of about $7.4 billion, in response to CoinMarketCap. Including it to the $7.24 billion coated by earlier migration bulletins takes the entire funds shifting their cross-chain infrastructure to CCIP to roughly $14.6 billion.
BitGo stated it can standardize WBTC deployments utilizing Chainlink’s Cross-Chain Token normal and use CCIP by default for future belongings it points.