Etherisc, a leading decentralized insurance platform, has taken a significant step in improving interoperability within the blockchain ecosystem by integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This integration extends across the Ethereum mainnet and Base, a layer 2 scaling solution built by Coinbase. Through Chainlink’s CCIP, Etherisc’s native token DIP now enjoys seamless and secure connectivity between the Ethereum network and the Base Layer-2 network.
The collaboration between Etherisc and Chainlink underlines the importance of reliable, tamper-proof on-chain data in decentralized insurance. Chainlink’s proven track record of delivering secure and reliable data oracles has enabled Etherisc to develop its products in a secure and efficient manner.
This marks CCIP’s first use case for Etherisc, paving the way to create seamless multichain decentralized applications (dApps) for deploying and accessing insurance solutions across chains.
.@etherisc – a leading blockchain-based parametric insurance platform – has integrated #Chainlink CCIP on @ethereum and @base to enable secure cross-chain transfers of its native token DIP.
Learn how the Chainlink platform unlocks new use cases ⬇️https://t.co/bq35YWnO97
— Chainlink (@chainlink) April 22, 2024
Etherisc’s expansion with basic network integration
Etherisc’s vision is to establish its ecosystem as the default choice for insurance players within the blockchain economy. To address the challenges of Ethereum’s network congestion and high transaction fees, Etherisc has initiated a pilot program to leverage the Base network.
Developed by Coinbase, Base is an Ethereum Layer-2 scaling solution designed to enable faster transactions while leveraging the security of the Ethereum mainnet. It offers a developer-friendly, low-cost, and highly scalable environment, along with easy access to Coinbase’s user base and assets.
By integrating with the Base network, Etherisc aims to improve the accessibility and affordability of its services for users. Token holders will soon be able to trade DIP on Base Uniswap, using its innovative, low-gas infrastructure.
Moreover, features such as DIP staking will be introduced in the near future. Using Chainlink’s CCIP, tokens currently on the Ethereum mainnet can be seamlessly bridged to Base, providing users with improved liquidity and usability.
Chainlink CCIP: Ensuring secure cross-chain transactions
Etherisc’s decision to adopt Chainlink’s CCIP underscores the protocol’s robust security features and reliability within the Web3 industry. CCIP is supported by the Risk Management Network, an independent network that continuously monitors cross-chain operations and verifies them for suspicious activity.
This additional layer of security is crucial for protecting user funds, especially in light of historical exploits and vulnerabilities in cross-chain infrastructure.
“Chainlink has been critical to Etherisc’s mission from the beginning,” said Christoph Mussenbrock, CEO of Etherisc. “CCIP has remarkable security benefits that ensure cross-chain token transfers remain secure now and in the future, while minimizing the number of dependencies Etherisc relies on.” With Chainlink’s CCIP integration, Etherisc is well positioned to drive further innovation and adoption within the decentralized insurance space, providing users with improved accessibility, security and reliability.
