THENA Integrating Chainlink CCIP and Automation for Cross-Chain Token Transfers and Automated Fee Distribution
We’re excited to announce that THENA is integrating Chainlink CCIP — the industry standard for secure cross-chain interoperability — across the BNB Chain and Polygon mainnets. We’re leveraging CCIP’s Simplified Token Transfer capabilities to facilitate seamless cross-chain transfers of THENA’s native token, THE. We’re also integrating Chainlink Automation to support the fee distribution mechanism of veTHE.
We selected CCIP as our go-to interoperability solution because Chainlink has a 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.
THENA is a public good owned by protocols and users, with both parties contributing to THENA’s status as the leading AMM. We envision THENA as the liquidity layer of BNB Chain, enabling value creation by opening the gates for new protocols that wish to solve the “cold start” liquidity problem, as well as for established protocols looking for a long-term solution to reduce costs to incentivize liquidity.
In order to help secure our cross-chain token transfers, we needed access to a highly secure and reliable interoperability solution. After reviewing various solutions, we decided to integrate 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 $8 trillion in on-chain transaction value. CCIP also features additional layers of protection and reliability via the Risk Management Network and Smart Execution.
- Simplified Token Transfers — CCIP features a plug-n-play solution consisting of audited token pool contracts that handle the complexity of burning and minting or locking and minting tokens across chains. CCIP’s Simplified 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.
- Flexible and programmable — 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. CCIP also supports multiple token handling mechanisms on the source and destination chains (e.g., burn and mint, and lock and mint) to open up a wider range of use cases.
- 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.
“The cornerstone of any DeFi protocol is its security, and Chainlink has proven over time to provide the most secure and reliable infrastructure in the industry. This is why we’re integrating CCIP to power cross-chain token transfers and Automation to support our veToken fee distribution mechanism.” — THENA CEO & Co-Founder Theseus
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About THENA
THENA is the liquidity backbone of BNB Chain. As a next-generation DeFi hub, it offers a self-optimizing ve(3,3) based ecosystem that caters to traders, liquidity providers, and protocols.
THENA is currently pioneering an intent-based model for on-chain derivatives with ALPHA.
