LayerZero · Chainlink · Lombard Finance · Bitcoin · CoinDesk
Lombard joins LayerZero exodus as $4 billion in assets switch to Chainlink's bridge
Compiled by KHAO Editorial — aggregated from 3 sources. See llms.txt for citation guidance.
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Some $4 billion in assets has moved or is being moved to Chainlink’s CCIP bridge, a way to transfer tokens and data between blockchains, as the systems' security faces heightened scrutiny after $292 million was drained from Kelp’s LayerZero-powered equivalent.
Key facts
- Some $4 billion in assets has moved or is being moved to Chainlink’s CCIP bridge, a way to transfer tokens and data between blockchains, as the systems' security faces heightened scrutiny after $292
- We are witnessing a continued flight to safety across the industry,” Johann Eid, chief business officer at Chainlink Labs, said
- The move follows similar actions by DeFi protocols Kelp DAO, Solv Protocol, Re and, more recently, crypto exchange Kraken
- Lombard will first migrate assets across blockchains including Solana, Etherlink, Berachain, Corn and TAC
Summary
Crypto firms managing roughly $4 billion in assets are moving to Chainlink CCIP due to renewed scrutiny over bridge security following an exploit. DeFi protocol Lombard is migrating its over $1 billion in bitcoin-backed assets from LayerZero to Chainlink CCIP after a security review following the Kelp DAO exploit. The shift comes after the Kelp DAO exploit drained $292 million from its LayerZero-powered bridge, increasing concerns over cross-chain infrastructure. Decentralized finance protocol Lombard is the latest firm to join the shift.