Since May, over $7.2 billion worth of cross-chain and encapsulated assets have announced their migration from LayerZero to Chainlink's cross-chain interoperability protocol CCIP. The latest addition is Mantle, which stated it will migrate its Super Portal, co-developed with Bybit, from LayerZero's OFT standard to Chainlink's CCT standard.
The Mantle relocation is scheduled for July 9th to 15th.
Mantle stated that this migration involves its native token, MNT. The portal currently facilitates the transfer of MNT between Ethereum and Solana, with plans to support more blockchain networks in the future.
The migration will take place from July 9th to 15th. Super Portal will be suspended during this period. However, existing MNT activities on Ethereum and Solana, as well as MNT-related activities on Byreal and Bybit, will not be affected by this adjustment.
Mantle stated that by adopting Chainlink's CCT standard, projects can directly manage token pools and transfer parameters, while leveraging a decentralized oracle network to provide security for cross-chain transfers. This also prepares MNT for future expansion to more chains and tokenized asset markets.
The total disclosed migration amount has risen to $7.24 billion.
With Mantle joining, the disclosed asset size of this round of migrations from LayerZero to Chainlink CCIP has risen to approximately $7.24 billion. CoinDesk's analysis shows that projects that have publicly migrated include:
- Kelp, migrating over $1.5 billion in assets.
- Lombard, transferring over $1 billion in assets
- Solv Protocol, migration of approximately $700 million
In addition, Virtuals Protocol migrated approximately $700 million, Re migrated approximately $475 million, Kraken migrated approximately $330 million in encapsulated assets, and Yuzu Money migrated approximately $54.5 million.
The security of cross-chain bridges has once again come under scrutiny.
Both LayerZero and Chainlink CCIP offer cross-chain asset transfer capabilities. As crypto assets are distributed across more networks, bridging infrastructure has become an essential component of on-chain activity.
However, cross-chain bridges are also one of the most risky components in the industry. If problems occur during configuration or verification, users' assets may face significant losses.
This wave of migrations comes against the backdrop of a bridging attack on Kelp earlier this year, which resulted in approximately $292 million in damage. Following the incident, market scrutiny of LayerZero-based bridging configurations intensified. Subsequently, Kelp announced the migration of over $1.5 billion in assets to Chainlink CCIP.
Mantle advisor Emily Bao stated that as tokenized financial assets move from concept to larger-scale application, the infrastructure that facilitates cross-chain transactions should not be relegated to a secondary position.
