Metis Integrates Chainlink CCIP For Cross-Chain Functionality

Metis, a prominent Layer 2 network, is the latest project to integrate support for Chainlink’s cross-chain interoperability protocol (CCIP).

Metis integrated CCIP on Aug. 8, with the protocol now serving as the network’s canonical cross-chain infrastructure. The integration facilitates transfers and messaging for Chainlink’s LINK token between the Metis and Ethereum networks, with Metis planning to expand support for additional blockchains and tokens in the future.

Metis highlighted that CCIP facilitates the creation of cross-chain decentralized exchanges and lending protocols supporting Metis, will allow METIS holders on multiple networks to participate in DAO-based governance, and supports programmable cross-chain transfers. The project also hopes CCIP will facilitate the growth of on-chain real-world assets on Metis.

“CCIP will unlock a whole host of cross-chain use cases for the Metis ecosystem, transforming DeFi, DAOs, and more,” said Johann Eid, Chief Business Officer at Chainlink Labs.

“With cross-chain applications underpinned by the industry-standard CCIP, liquidity is set to flow into Metis ecosystem and help scale DeFi,” said Kevin Liu, co-founder of Metis.

Metis’ CCIP integration comes one day after the project tapped Hashkey Cloud for its first external decentralized transaction sequencer. The team said Hashkey is currently in the final stages of onboarding Metis and will activate decentralized sequencing soon, describing the move as a key step in transitioning Metis to a “truly decentralized” architecture.

“This is a momentous occasion for Metis and the broader decentralized ecosystem,” said Tom Ngo, Metis’ executive lead. “Hashkey Cloud’s integration as our first external decentralized sequencer client exemplifies our commitment to building a resilient and inclusive network.”

The price of METIS is down 25% in the past 30 days amid a broader crypto market pullback, according to CoinGecko. LINK’s price is similarly down 22.8% over the same period.

Metis currently ranks as the 12th-largest Ethereum Layer 2 by total value locked (TVL) with $261.5 million, according to L2beat. However, its native METIS token accounts for 83.6% of the network’s TVL.

DeFiLlama estimates that $51.6 million is currently locked in Metis-based DeFi protocols.

Chainlink CCIP

The integration comes as CCIP’s market share is quickly expanding since completing its permissionless launch on April 25.

The protocol has facilitated $198 million worth of token transfers since its whitelisted mainnet launch in July 2023, 41% of which were executed since the permissionless launch, according to Dune Analytics. CCIP has also accumulated roughly $835,600 in fees, a quarter of which was generated since April 25 and 81% of was accrued this year.

CCIP boasts adoption from major tradfi institutions, including Swift, Australia and New Zealand Bank (ANZ), and the U.S. Depository Trust & Clearing Corporation (DTCC).

Chainlink’s broader infrastructure suite has facilitated more than $12 trillion worth of cumulative transaction volume.