Redacted Is Integrating Chainlink CCIP as Its Exclusive Solution for Cross-Chain Transfers of Pirex ETH

We’re excited to announce that Redacted is integrating Chainlink CCIP—the industry standard for secure cross-chain interoperability—across the Arbitrum, Ethereum, and Optimism mainnets. We’re exclusively leveraging CCIP’s Simplified Token Transfer capabilities to facilitate cross-chain transfers of Pirex ETH (pxETH), enabling the liquid staking token for ETH to be accessible across various chains.

We selected CCIP as our preferred interoperability solution because Chainlink has the most proven track record of maintaining the highest standard of security and reliability in the Web3 industry. Furthermore, CCIP is backed by the Risk Management Network—a separate, independent network that continually monitors and verifies cross-chain operations for suspicious activity. This additional layer of security is particularly important given historical industry exploits and the billions in user funds lost due to insecure and unreliable cross-chain infrastructure.

For the new readers: At Redacted we build DeFi products like Hidden Hand, Pirex, and Dinero, which help scale yield and improve the user experience throughout DeFi. We recently launched Pirex ETH, a liquid staking solution for ETH, which is an integral part of the Dinero protocol.

In order to help secure our cross-chain pxETH transfers, we needed access to a highly secure and reliable interoperability solution. After reviewing various solutions, we integrated Chainlink CCIP because it provides a multitude of important benefits and features, such as:

  • Time-tested security and reliability—CCIP’s consensus and interoperability layer is powered by Chainlink decentralized oracle networks, which have already secured tens of billions of dollars for smart contracts and enabled over $9 trillion in onchain transaction value. CCIP also features additional layers of protection and reliability via the Risk Management Network and Smart Execution.

  • Secure Token Transfers—CCIP features a plug-and-play solution consisting of audited token pool contracts that handle the complexity of burning and minting or locking and minting tokens across chains. CCIP Token Transfers also have additional security features like Rate Limits, and enable ecosystem partners to easily build new capabilities around a supported token via a single CCIP interface.

  • Programmable Token Transfers—CCIP messages are programmable, meaning token transfers and arbitrary data transfers can be one atomic transaction. This enables instructions to be passed in the data payload regarding what to do with the tokens once they arrive at the destination chain.

  • Future-proof—CCIP is built to support continuous updates, such as the integration of new blockchains, the introduction of advanced functionalities, and the addition of other defense-in-depth approaches to security. Thus,  integrating CCIP eliminates future switching costs should new cross-chain functionalities be required.

We’re excited to integrate the industry-leading Chainlink CCIP to help power secure cross-chain transfers of our liquid staking token, pxETH. As it’s underpinned by Chainlink’s battle-tested infrastructure and features a future-proof design, selecting CCIP as our exclusive cross-chain solution was an easy choice. — Sami, Redacted Co-Founder

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