Nuon has announced that it has chosen Chainlink CCIP to facilitate cross-chain flatcoin transfers. The integration will be live across the mainnet of Ethereum, Base, and Arbitrum. The objective here is to provide a more seamless experience to users when it comes to transferring Nuon, a flatcoin that is overcollateralized.
Chainlink CCIP has been chosen by Nuon for the kind of track record that it brings to the table. Chainlink CCIP is backed by Risk Management Network as an additional security layer that helps prevent several historical exploits that the industry has suffered. Also, Chainlink CCIP has the best record when it comes to security and reliability in Web3 alone.
Nuon will leverage the capabilities of Simplified Token Transfer of Chainlink CCIP for the cross-chain movement of the token.
More reasons for choosing Chainlink CCIP are time-tested security & reliability, STF, flexibility & programmability, and future-proof. Stefan Rust, the Chief Executive Officer and founder of Nuon has said that they are excited to integrate Chainlink CCIP, for it will help them to unlock new functionality to the flatcoin. Stefan has also acknowledged that CCIP is backed by the robust infrastructure of Chainlink.
As for STF, it is an acronym for Simplified Token Transfer. The benefit of being able to leverage STF is that it is simple to use. CCIP features a plug-and-play solution that has features like Rate Limits. Plus, CCIP enables them to build new capabilities around a token through the CCIP interface. The plug-and-play solution comes bundled with the ability to handle the complexities of minting and burning tokens across the chains. It further includes locking and minting the tokens.
Offerings of CCIP are time-tested – in security and reliability aspects – because it has a history of securing billions of dollars for major industries like gaming, insurance, and DeFi. It is powered by the decentralized oracle network of Chainlink with additional protection through Smart Execution and Risk Management Network.
Having said that, it is important to note that CCIP supports multiple token handling mechanisms. This includes lock-mint and burn-mint, giving users broader access to use cases. Programmability comes in handy for CCIP messages as token transfer and data transfer can now be one atomic transaction.
Chainlink CCIP is future-proof. Meaning it can handle major upgrades in the future. For instance, Chainlink CCIP is capable enough to undertake the task of integration of new blockchains. Other functions include the addition of security approaches and advanced functionalities. This helps ecosystem partner Nuon, in this case, eliminate the cost of switching to another provider in the future.
The development comes months after Nuon got listed on Bitmart Exchange. The listing update dates back to the concluding days of June 2023, enabling interested traders to access the NUON/USDT trading pair. This was then termed as an exclusive primary listing on the platform. NUON’s deposit, trade, and withdrawal functionalities are all live at the time of drafting this article.