The choice of Chainlink CCIP by Nuon to enable cross-chain flatcoin transfers has been made public. The integration will be operational on the Ethereum, Base, and Arbitrum mainnets. The goal of this is to give users a more frictionless experience while transferring the overcollateralized flatcoin Nuon.
Nuon chose Chainlink CCIP because of the kind of track record it can bring to the table. Risk Management Network supports Chainlink CCIP as an extra security measure to assist stop certain past industry-related vulnerabilities. In terms of security and dependability, Chainlink CCIP has the finest track record in Web3 alone.
For the cross-chain movement of the token, Nuon will make use of Chainlink CCIP’s Simplified Token Transfer features.
Time-tested security & reliability, STF, flexibility & programmability, and future-proof are further benefits of adopting Chainlink CCIP. Nuon’s CEO and founder, Stefan Rust, expressed excitement about integrating Chainlink CCIP since it will allow them to expand the flatcoin’s functionality. Stefan has also remarked that Chainlink’s strong infrastructure supports CCIP.
Simplified Token Transfer, or STF for short, is what it stands for. The advantage of utilising STF is that it is easy to utilise. A plug-and-play solution with features like Rate Limits is offered by CCIP. Additionally, by using the CCIP interface, CCIP gives them the ability to develop additional functionalities around a token. The plug-and-play solution includes the capacity to manage the difficulties involved in creating and consuming tokens across chains. Additionally, it involves minting and locking the tokens.
Because CCIP has a track record of protecting billions of dollars for significant businesses like gaming, insurance, and DeFi, its offerings are tried and true in terms of security and dependability. It is driven by Chainlink’s decentralised oracle network and further protected by its Smart Execution and Risk Management Network.
However, it is crucial to remember that CCIP allows a variety of token handling strategies. This gives customers access to a wider range of use cases and includes lock-mint and burn-mint. Programmability is useful for CCIP messages since data and token transfers can now be completed in a single atomic transaction.
CCIP over Chainlink is future-proof. i.e., it can accommodate substantial upgrades in the future. As an illustration, Chainlink CCIP has the capacity to handle the task of integrating new blockchains. Advanced functionality and the integration of security measures are additional features. This reduces the cost of switching to a different provider in the future for ecosystem partner Nuon in this instance.
The shift occurred months after Bitmart Exchange listed Nuon. The listing upgrade, which took place in the latter days of June 2023, made it possible for interested traders to access the trading pair NUON/USDT. On the platform, this was later referred to as an exclusive primary listing. At the time this article was being written, NUON’s deposit, trade, and withdrawal features were all active.