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But we saved everything 🙂.
Zach Rynes: Over $4 billion migrated from LayerZero to Chainlink CCIP
Zach Rynes reports that over $4 billion in value has migrated from LayerZero to Chainlink CCIP in a notable cross-chain shift.
Key protocols involved in this migration include KelpDAO with over $1.5 billion in rsETH, Lombard with more than $1 billion in LBTC and BTC.b, Solv Protocol with more than $700 million in SolvBTC and xSolvBTC, Re: with over $475 million in reUSD, and Kraken with $330 million in kBTC. Rynes describes this migration as just the beginning, signaling continued momentum in cross-chain activity within the crypto ecosystem.
KelpDAO previously confirmed it was shifting to Chainlink CCIP after disclosing new details on a $292 million LayerZero rsETH exploit earlier this year. The incident prompted DeFi teams to re-examine project security and deprecate older cross-chain bridges after the rsETH bridge hack. These developments have contributed to recent moves away from legacy bridging solutions.
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