Revenue for Chainlink’s Cross Chain Interoperability Protocol (CCIP) has surged 180% over the past two months amid increased adoption of the multichain bridging platform.
Fee revenue for CCIP has gone up from around $61,000 in total for January to more than $171,000 in just the first two weeks of March.
Meanwhile, total cumulative revenue for the cross-chain protocol, which launched in July 2023, has reached $377,724, according to Dune Analytics.
“CCIP growth rate remains robust and very much in line with expectations,” stated Chainlink staking technology providers, and the creators of the Dune dashboard, LinkPool.
Ethereum layer-2 protocol Arbitrum is the largest source of CCIP network fees with 28% of the total, followed by Base with 24%.
“You're completely ignoring the massive adoption CCIP is undergoing right now,” wrote crypto trader “Satoshi Flipper” to his 189,000 followers on X on March 14.
“Are you watching Chainlink’s CCIP fees skyrocketing? Over $100k in fees just yesterday,” claimed crypto YouTuber, entrepreneur, and Bitcoin OG Kyle Chassé.
Chainlink community ambassador “ChainLinkGod” explained that the fees using Chainlink CCIP “cover the gas costs of completing transactions on the destination chain and the premium paid to CCIP service providers.”
CCIP recently made a number of integrations to increase adoption. These include the Metis layer-2 network, auditing platform Code4rena, stablecoin issuer Circle, and one of South Korea’s largest game developers, Wemade. It partnered with SWIFT in 2022 for a proof-of-concept token transfer project.
Related: Chainlink's 40% weekly rally might be a 'bull trap' for LINK price
CCIP is a protocol that allows smart contracts to securely access data from any external API or system, enabling seamless and trustless data connectivity between blockchains and off-chain systems through the decentralized oracle network.
Chainlink also gets revenue from network node operators, a small portion of LINK staking, network revenue share, and enterprise products. Its total cumulative revenue is $373 million with the majority coming from oracle feeds, according to Dune.
LINK prices hit their highest levels for more than two years on March 11 reaching $21.71. The asset returned to this price level on March 14 before sharply retreating to below $20 at the time of writing.
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