#Why is Pleasing Market Switching from LayerZero to Chainlink?
Pleasing Market has decided to replace LayerZero with Chainlink infrastructure after a thorough security assessment following the recent $292 million exploit that affected Kelp DAO and LayerZero. This strategic shift marks Pleasing Market as the latest project to transition to Chainlink, joining the ranks of KelpDAO, Solv Protocol, Re, Lombard, and Kraken, all of which have opted for Chainlink’s interoperability solutions.
The tokenized real-world asset platform plans to retire all LayerZero bridges while standardizing cross-chain transfers of PGOLD and USDpm on Chainlink's Cross-Chain Interoperability Protocol (CCIP). Additionally, it will use Chainlink Data Streams to ensure secure pricing for tokenized precious metals across several blockchain networks.
This transition is projected to secure about $90 million in Total Value Locked (TVL) and will facilitate growth across platforms such as Arbitrum, Ethereum, Pharos, and future ecosystems. In an environment increasingly focused on bridge security, enhancing the robustness of cross-chain infrastructure is essential for the safety of decentralized finance.
Pleasing Market has selected Chainlink CCIP due to its appealing mix of decentralization, security, and efficient risk management. Supported by decentralized oracle networks, Chainlink has processed over $30 trillion in transaction value, reinforcing its reputation in the blockchain ecosystem.
#What do Industry Leaders Say About this Transition?
The migration towards Chainlink CCIP illustrates the growing trend towards adopting secure infrastructure for tokenized assets. Chainlink Labs' Chief Business Officer emphasizes that Pleasing Market is now leveraging CCIP's secure architecture to scale its tokenized assets efficiently within the on-chain economy. As the industry evolves and more value transitions on-chain, reliance on secure infrastructure becomes increasingly crucial for institutions, asset issuers, and decentralized finance (DeFi) protocols worldwide.
The necessity for robust infrastructure in the global precious metals market underscores Pleasing Market's commitment to addressing systemic risk. The decision to implement Chainlink indicates a proactive stance in fortifying security while taking steps towards integrating tokenized assets seamlessly into the global market.