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- Hedera provides cross-chain interoperability through Chainlink’s CCIP solution which connects to 46+ blockchain networks.
- CCIP depends on Chainlink’s secure oracle infrastructure to guarantee dependable blockchain communication and protects assets worth $20T.
- Hedera’s future growth appears promising because of new alliances and platform integration projects despite its declining TVL.
Hedera has officially integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into its mainnet, a significant step in improving blockchain connectivity. The move, announced on April 8, enables decentralized applications (dApps) on Hedera to communicate seamlessly with over 46 other blockchain networks.
Developers on the Hedera platform can now transfer tokens, send messages, and initiate actions between Hedera and other blockchains, streamlining cross-chain interactions. The CCIP utilizes Chainlink’s well-established oracle system for interoperability between blockchains for security and reliability. Chainlink’s oracle network at the moment has over $20 trillion in on-chain value and works with large DeFi platforms as Aave and Lido DAO.
This expansion is the development of the partnership the two establishments embarked upon last year when the HBAR Foundation partnered with Chainlink’s SCALE program, which introduced Chainlink’s price feeds and proof-of-reserve services to the Hedera ecosystem.
Hedera Introduces Cross-Chain Token
With the implementation of CCIP, developers get access to new possibilities of interconnection between different blockchains and the possibility to use a new standard of the Cross-Chain Token (CCT). CCT enables projects to deploy tokens that can be seamlessly transferred between different chains while also giving the smart contract control over the token contract, which is ideal for cross-chain Defi applications and token migration, amongst other applications, making Hedera more appealing to developers.
Even with such developments, there is a reduction in Hedera’s total value locked (TVL). These indicate that the TVL on Hedera had reduced from $213 million as recorded on January to $74 million as of April 9.
Stablecoin Turnover Surges
However, there is a certain growth registered by the network in the other fields of activity, such as stablecoins’ turnover. Data from DeFiLlama reveals that stablecoin trading on Hedera has nearly doubled this year, growing from $38 million in January to $82 million.
The native token of Hedera is called HBAR, and its current price is $0.1493, while the token’s market capitalization stands at $6.2 billion. Although the token spiked in the last 3 months of 2024 and went up by 367% to reach a high of $0.27, it is now down.
Source: TradingView
Currently, HBAR is still 74% down from its all-time high of $0.5692 that it reached prior to its decline in September 2021. Nevertheless, observers continue to be hopeful because of those recent integrations and the constant stream of partnerships expected to push the HBAR price higher if market conditions ever turn more favorable.
