Kraken to replace LayerZero with Chainlink to bridge assets across blockchains
The decision sees a total of over $3 billion in total value locked migrating after a $292 million LayerZero-powered bridge exploit involving Kelp....
Key takeaways
- 1Kraken replaces LayerZero with Chainlink CCIP for cross-chain asset transfers after $292 million Kelp bridge exploit.
- 2Over $3 billion in total value locked has migrated from LayerZero to alternative solutions following security concerns.
- 3kBTC, Kraken's wrapped bitcoin token, now has $260 million market capitalization across multiple blockchains.
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Why it matters
This shift reflects growing institutional preference for Chainlink's security over LayerZero following major exploits, influencing which cross-chain solutions Indian investors trust for wrapped asset bridges. Kraken's $3 billion migration signals market-wide security concerns that may impact wrapped token adoption in India.
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