Major Chainlink (LINK) Upgrade Goes Live, Price Reacts

Chainlink is evolving rapidly, with a major Cross-Chain Interoperability Protocol (CCIP) upgrade now live on the mainnet. The decentralized Oracle service said this CCIP v1.5 upgrade has the power to transform how connected protocols share data. Chainlink named four unique enhancements that went live alongside the upgrade.

Chainlink CCIP upgrade: What changed?

Per the Oracle protocol, CCIP now has its own tailor-made CCT standard. With this, the CCIP can enable cross-chain native tokens featuring self-service deployments, full control and ownership, enhanced programmability and zero-slippage transfers.

Introducing the CCIP v1.5 upgrade.

🪙 Cross-Chain Token (CCT) standard
💻 Self-serve token onboarding
🏗️ CCIP SDK & Token Manager
🛡️ Security & privacy enhancements

Here’s why #Chainlink CCIP is the #1 choice for building cross-chain 🧵⬇️https://t.co/mO24Gp1jr9

— Chainlink (@chainlink) October 30, 2024

The upgrade also introduces a unique simplicity that makes developers adjust to the new changes without a hassle. Chainlink is a dynamic digital currency that is constantly evolving. Beyond the latest update, the protocol has entered the list of the most active protocols in the industry.

With Oracle powering the majority of smart contracts in Web3, its relevance is notably not overblown. As part of the new CCIP v1.5 upgrade, it has launched the Token Developer Attestation, which it said is in private beta.

This product will help developers to double-check their work to guarantee precision. With this, they can even attest to token burn events before the assets are minted, encouraging trust across the board.

LINK price in mix

Following this update and the broader trend in the digital currency ecosystem, the LINK price has maintained a mildly resilient outlook. As of writing time, LINK price is up by 4.92% in 24 hours to $12.05.

Riding on the general outlook of the market that has sent the price of Bitcoin (BTC) up, the token has pared off the losses of the past week and is now changing hands for 5.96%. Now, it remains unknown whether or not the price of LINK is reacting to the upgrade or the broader hype in the market.

In all, the upgrade is poised to drive enhanced usability, which may in turn fuel growth in the price of LINK.

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