todayonchain.com

Chainlink CCIP gains over $2.5 billion in TVL from protocols migrating from LayerZero, with Kraken Bitcoin the latest to join

The Block
Kraken is migrating its wrapped Bitcoin product to Chainlink CCIP, joining other major protocols fleeing LayerZero following recent security exploits.

Summary

Crypto exchange Kraken is transitioning its Kraken Wrapped Bitcoin (kBTC) infrastructure from LayerZero to Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This move follows a significant $292 million exploit involving Kelp DAO, which highlighted risks associated with LayerZero's single-verifier configurations. Kraken joins other major protocols, including Solv Protocol and Re, in this migration, contributing to over $2.5 billion in total value locked (TVL) moving to Chainlink. Kraken cited CCIP's institutional-grade security, node operator requirements, and compliance certifications as key drivers for the switch.

(Source:The Block)