BitGo’s WBTC move pushes LayerZero-to-Chainlink tally near $15 billion
BitGo is migrating its Wrapped Bitcoin (WBTC) infrastructure to Chainlink’s Cross-Chain Interoperability Protocol (CCIP) following security concerns with previous bridge configurations. This move contributes to a broader industry trend of projects shifting to more secure cross-chain standards, with nearly $15 billion in assets now utilizing CCIP.
Why it matters
The migration reflects a significant shift in decentralized finance toward standardized, more secure infrastructure to mitigate the risks of bridge exploits.
The move forms part of a migration wave that started following the $292 million exploit of Kelp DAO’s LayerZero-powered bridge earlier this year , which increased scrutiny of LayerZero bridge configurations. Various other projects, including Mantle, Kelp, Lombard, Solv Protocol, Virtuals, Re and Kraken have since announced moves to Chainlink’s CCIP .
WBTC is a tokenized representation of bitcoin designed to track its value. Unlike native bitcoin, it can be used in decentralized finance applications on other blockchains for trading, lending and collateral.
WBTC currently has a market capitalization of about $7.4 billion, according to CoinMarketCap . Adding it to the $7.24 billion covered by earlier migration announcements takes the total funds moving their cross-chain infrastructure to CCIP to roughly $14.6 billion.
BitGo said it will standardize WBTC deployments using Chainlink’s Cross-Chain Token standard and use CCIP by default for future assets it issues.
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