Revenue for Chainlink’s Cross Chain Interoperability Protocol (CCIP) has experienced a remarkable surge of 180% over the past two months, indicating a significant increase in the adoption of this multichain bridging platform.
In January, the fee revenue for CCIP amounted to approximately $61,000. However, in just the first two weeks of March, this figure has soared to over $171,000, demonstrating the rapid growth of the protocol. The total cumulative revenue for CCIP, which was launched in July 2023, now stands at an impressive $377,724, as reported by Dune Analytics.
LinkPool, the creators of the Dune dashboard and providers of Chainlink staking technology, have expressed their satisfaction with the robust growth rate of CCIP, which aligns perfectly with their expectations.
The largest contributor to CCIP network fees is the Ethereum layer-2 protocol Arbitrum, responsible for 28% of the total fees. Following closely behind is Base, accounting for 24% of the fees.
Prominent figures within the crypto industry have also taken notice of CCIP’s increasing adoption and revenue. Crypto trader “Satoshi Flipper” highlighted the massive adoption CCIP is currently undergoing, while crypto YouTuber and entrepreneur Kyle Chassé emphasized the skyrocketing CCIP fees, which reached over $100,000 in a single day.
Chainlink community ambassador “ChainLinkGod” explained that CCIP fees cover both the gas costs of completing transactions on the destination chain and the premium paid to CCIP service providers.
To further enhance adoption, CCIP has recently formed partnerships and integrations with various platforms and companies. These include the Metis layer-2 network, auditing platform Code4rena, stablecoin issuer Circle, and Wemade, one of South Korea’s largest game developers. In 2022, CCIP also collaborated with SWIFT for a proof-of-concept token transfer project.
CCIP is a protocol that facilitates secure access to data from external APIs or systems for smart contracts. This enables seamless and trustless data connectivity between blockchains and off-chain systems through Chainlink’s decentralized oracle network.
In addition to CCIP revenue, Chainlink also generates income from network node operators, a portion of LINK staking, network revenue sharing, and enterprise products. According to Dune Analytics, the total cumulative revenue for Chainlink amounts to $373 million, with the majority coming from oracle feeds.
On March 11, LINK prices reached their highest level in over two years, reaching $21.71. However, the price later retraced below $20.
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