Pleasing Market is replacing LayerZero with Chainlink infrastructure after conducting an extensive security assessment following the recent $292 million exploit targeting Kelp DAO and LayerZero, according to a statement on Wednesday.
With this move, Pleasing Market has become the latest project to move away from LayerZero in favor of Chainlink. The project joins KelpDAO, Solv Protocol, Re, Lombard and Kraken, all of which have adopted Chainlink’s interoperability solutions.
The tokenized real-world asset platform will retire all LayerZero bridges and standardize on Chainlink CCIP for cross-chain transfers of PGOLD and USDpm. It has also implemented Chainlink Data Streams to provide secure pricing for tokenized precious metals across multiple blockchain networks.
The transition is intended to secure approximately $90 million in total value while supporting growth in Arbitrum, Ethereum, Pharos and future ecosystems, according to Pleasing Market.
This move comes amid the industry’s increased focus on bridge security, with cross-chain infrastructure continuing to represent one of the most vulnerable segments of decentralized finance.
Pleasing Market said it chose Chainlink CCIP because of its strong combination of decentralization, security and risk management. The infrastructure is backed by decentralized oracle networks and has enabled more than $30 trillion in transaction value in the blockchain ecosystem, the team added.
“Bringing the global precious metals market onchain requires infrastructure that eliminates systemic risk. After a careful security assessment of the entire interoperability landscape, it became clear that Chainlink CCIP is the only infrastructure that provides the standard secure architecture needed to enable cross-chain transfers for Pleasing Market,” said Leon Ma, CTO of Pleasing Market.
According to Johann Eid, Chief Business Officer of Chainlink Labs, the migration demonstrates the growing adoption of a standard secure infrastructure for tokenized assets.
“Pleasing Market now leverages CCIP’s industry-standard secure infrastructure to scale its tokenized assets across the onchain economy,” Eid said. “As more value moves up the chain, the market is increasingly standardizing around the infrastructure that institutions, asset issuers and DeFi protocols can rely on on a global scale.”