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BTC $79,137.41 -2.63%
ETH $2,220.60 -3.08%
BNB $673.60 -0.82%
XRP $1.43 -4.87%
SOL $89.29 -3.43%
TRX $0.3515 -0.99%
DOGE $0.1131 -1.94%
ADA $0.2610 -4.15%
BCH $424.72 -2.79%
LINK $10.05 -5.04%
HYPE $44.50 +1.55%
AAVE $92.67 -6.66%
SUI $1.09 -8.00%
XLM $0.1545 -6.08%
ZEC $515.29 -3.89%

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After being attacked, KelpDAO has seen multiple protocols abandon LayerZero, with $4 billion in assets migrated to Chainlink CCIP

After KelpDAO was attacked, resulting in a loss of $292 million, the industry's scrutiny of the security of cross-chain infrastructure has intensified. Approximately $4 billion in assets have completed or are in the process of migrating from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP). The DeFi protocol Lombard is the latest project to join this migration trend. The protocol announced it would discontinue the use of LayerZero and migrate over $1 billion in Bitcoin-backed assets to Chainlink CCIP, stating that this decision stemmed from a comprehensive internal security review following the April attack incident.Lombard issues two types of Bitcoin-backed tokens—LBTC and BTC.b—and will prioritize the migration of assets on chains such as Solana, Etherlink, Berachain, Corn, and TAC, while terminating the use of LayerZero on Morph and Swell. Lombard stated that the reason for choosing CCIP is its independent node operators, built-in rate limiting mechanisms, and audited infrastructure. Additionally, the protocol will adopt Chainlink's cross-chain token standard to facilitate asset cross-chain circulation through a burn-and-mint model.Previously, Kelp DAO, Solv Protocol, Re, and the cryptocurrency exchange Kraken have all completed similar migrations, with these projects collectively transferring approximately $4 billion in assets. Chainlink Labs Chief Business Officer Johann Eid stated, "We are witnessing a continued wave of risk-averse migration within the industry."
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