Re drops LayerZero and goes all-in on Chainlink CCIP for cross-chain transfers
Re is migrating from LayerZero to Chainlink CCIP for its reUSD token's cross-chain transfers, prioritizing security.Summary
Re, an onchain reinsurance protocol with over $475 million in total value locked, is switching its exclusive cross-chain infrastructure from LayerZero to Chainlink CCIP. This decision, following an internal review, will govern how its yield-bearing deposit token, reUSD (market cap over $160 million), moves across different blockchains.
Re selected CCIP due to its security features, including decentralized oracle networks, 16 independent validator nodes, rate-limit protections, and SOC 2 Type 2 compliance. CCIP facilitates reUSD transfers via a lock-and-burn mechanism on the source chain and mint-and-release on the destination chain, all validated by Chainlink's decentralized infrastructure. The protocol prioritizes security, auditability, and institutional-grade resilience for cross-chain operations involving real-world financial exposure.
This move by Re follows similar migrations by KelpDAO and Solv Protocol from LayerZero to Chainlink CCIP. These shifts occur in the wake of a $300 million DeFi bridge exploit linked to LayerZero infrastructure and disputes between LayerZero Labs and KelpDAO regarding security failures. LayerZero, despite a recent Series B funding round, is facing increased scrutiny, with its native token ZRO experiencing a price decline.
(Source：Crypto Briefing)