Chainlink’s cross-chain protocol, CCIP, now supports the transfer of Coinbase’s wrapped Bitcoin (cbBTC) to the Monad blockchain, enabling a bridge with the Base Layer-2. This integration provides Monad’s growing DeFi ecosystem access to over $5 billion in cbBTC liquidity through Chainlink’s secure infrastructure. Meanwhile, CCIP’s cumulative transfer volume approaches $15 billion, generating significant fees that fund a token buyback program for LINK holders.
Chainlink has rolled out support for Coinbase wrapped Bitcoin (cbBTC), allowing users on Monad to seamlessly bridge assets with the Ethereum Layer-2 Base. The cbBTC currently has over $5 billion in circulation, which could benefit Monad’s growing DeFi activity according to Keone Hon, Co-Founder of Monad Foundation.
Hon stated, “cbBTC adds a major new asset primitive for DeFi builders to design around.” The integration is powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a top oracle provider’s main bridge.
Data shows CCIP is now live across 77 chains and handles over 200 tokens. Its cumulative transfer volume has reached nearly $15 billion since debuting in 2023, driving over $1.7 million in total fees.
These fees fund a token accrual program that buys and locks LINK from the market. The program held 2.3 million locked LINK as of press time, directly benefiting token holders from protocol revenue.
On price charts, LINK has been consolidating between $8 and $9.5 since February amid broader bearish sentiment. Institutional demand has also remained muted, with U.S. Spot LINK ETFs seeing only $28 million in inflows over two months.
