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Redacted to boost cross-chain pxETH transfers with Chainlink CCIP

Redacted is pleased to announce that they have integrated Chainlink Cross-Chain Interoperability Protocol (CCIP) to enable Simplified Token Transfer capabilities. This permits the transmission of Pirex ETH (pxETH) across chains. This will enable the distribution of the liquid staking token for ETH across numerous chains. Chainlink CCIP serves as a standard for secure interoperability between chains on the mainnets of Arbitrum, Ethereum, and Optimism.

Redacted chose Chainlink CCIP primarily due to its reputation for providing the highest level of security and dependability in the Web3 domain. Furthermore, CCIP benefits from the assistance of the Risk Management Network, tasked with the ongoing surveillance and verification of dubious cross-chain activities.

In addition to Hidden Hand, Pirex, and Dinero, Redacted is actively involved in developing other DeFi solutions. These contribute to a greater yield and increase user exposure throughout DeFi. Recently, they introduced Pirex ETH, a liquid staking service explicitly designed for ETH, a fundamental component of the Dinero protocol. 

In order to utilize their cross-chain pxETH transfers, Redacted needed to be connected to a reliable and secure interoperability provider. After careful deliberation, they selected Chainlink CCIP on account of its numerous features, including well-established safety and dependability attributes. Secure token transfers were an additional feature. Because CCIP messages may be programmed, token transfers and random data transfers can occur in a single atomic transaction. Since CCIP is designed to facilitate ongoing updates, CCIP integration eliminates the need for future costs of transitioning in the event that new cross-chain functionalities are needed.

Sami Tannir, the co-founder of Redacted, noted that incorporating the Chainlink CCIP represents a remarkable opportunity for the company to enhance the security of cross-chain transfers involving their liquid staking token, pxETH. By leveraging Chainlink’s well-established framework and forward-thinking design, CCIP was a logical selection for the company’s ultimate cross-chain service.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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