Chainlink Goes Cross-Chain ⛓️

Today's stories: Chainlink releases CCIP on mainet, Celo may become an Ethereum Layer 2 network, and Gnosis launches their own self-custodial Visa credit card.

July 18, 2023

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

  • Chainlink Goes Cross-Chain ⛓️

  • Celo Proposes Transition to Layer 2️

  • Gnosis Launches Custodial Credit Card 💳

  • Whale Moves 🐋

  • Threads You CAN’T Miss 🧵

Chainlink Cross-Chain Interoperability Protocol (CCIP) Live on Mainnet

Yesterday, Chainlink released CCIP on mainnet. Chainlink is the premier provider of oracles in crypto which is often a signal of trust if a protocol uses their services. The early access phase began which includes Ethereum, Avalanche, Optimism, and Polygon. It’s clear that the future of crypto is multi-chain, so Chainlink is getting ahead of the curve by establishing this core infrastructure.

What CCIP provides is effectively a secure protocol that will provided the foundation for cross-chain dapps. Since there have been greater than $2B of cross-chain exploits, this is a ripe sector for innovation. CCIP will be powered by Chainlink’s decentralized oracles as one would expect. Any builder that will be looking at cross-chain usecases will want to investigate using CCIP.

Celo, Previous A Layer 1, May Become A Layer 2 on Top of Ethereum

After the release of Optimism and Arbitrum, it was expected that an L1 would eventually join the ranks of the Ethereum Layer 2 networks. Both Optimism and Arbitrum have been very successful, so Celo will be joining them soon enough to take advantage of better security and greater access to liquidity. This proposal was announced over the weekend, and it was expected to happen eventually.

The official vote will begin on July 22nd where Celo holders can decide the fate of their chain. Like Coinbase and their L2 Base, Celo has proposed to use the OP stack as the foundation of their L2 network as well as Eigenlayer. It’ll be interesting to see whether other Layer 1 networks follow suit and take advantage of what Ethereum offers as a base layer.

Gnosis Launches Visa Credit Card That Uses Funds From Crypto Wallet

Gnosis has announced the launch of their new credit card that will be accepted anywhere that Visa is accepted. This will launch in the EU, EEA, and UK with plans of expanding to other major countries come Q4 this year. Gnosis Pay will effectively allow users to access their crypto funds with this Visa which won’t require pre-payments in order to work.

We’re in love with this idea as users remain in control of their funds via self-custody and there is no need to offramp. At launch, the only token that will be able to take advantage is EURe, a euro stablecoin, with DAI in the works to come next. There won’t be a mobile app available at release but it is on the to do list and will be coming soon.

Notable NFT Sales in the Last 24 Hours:

CryptoPunk #553 - 79 ETH ($149K)

Pudgy Penguin #7705 - Sold For 69 ETH ($130K)

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.

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