Origin Ether x Chainlink CCIP

We’re excited to announce that Origin Protocol has integrated Chainlink CCIP—the industry standard for secure cross-chain interoperability—across the Ethereum and Arbitrum mainnets. We’re leveraging CCIP’s Simplified Token Transfer capabilities to facilitate cross-chain transfers of our liquid staking token, OETH, enabling a more seamless liquid staking user experience.

We selected CCIP as our preferred interoperability solution because Chainlink has the most 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 that have lost billions in user funds due to insecure and unreliable cross-chain infrastructure.

What This Means for OETH

Origin Ether (OETH) is a liquid staking token (LST) with ultra-low slippage and enhanced yield capabilities. The OETH smart contracts generate yield by deploying the deposited collateral into DeFi protocols such as Curve and Convex, while also earning ETH staking yield.

In order to help secure our cross-chain LST transfers, we needed access to a highly secure and reliable interoperability solution. After reviewing various solutions, we integrated 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 $10 trillion in on-chain transaction value. CCIP also features additional layers of protection and reliability via the Risk Management Network and Smart Execution.
• Secure Token Transfers—CCIP features a plug-and-play solution consisting of audited token pool contracts that handle the complexity of burning and minting or locking and minting tokens across chains. CCIP 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.
• Programmable Token Transfers—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. 
• 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. 

Origin Protocol is also exploring the use of Chainlink CCIP to enable users to stake from layer-2 networks, starting with Arbitrum.

“We’re excited to integrate Chainlink CCIP to help secure cross-chain transfers of OETH, Origin’s liquid staking token. By leveraging CCIP’s leading security features and battle-tested infrastructure, we can streamline the use of OETH across the multi-chain ecosystem.”— Josh Fraser, Co-founder of Origin Protocol

About Chainlink

Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $10 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, off chain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors. 

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

About Origin Protocol

Origin DeFi builds yield-bearing assets that allow users to receive yield without staking, lockups, or active fund management. The protocol released the first yield-bearing stablecoin in 2020, attracting hundreds of millions of dollars in investment since launch. The protocol created Origin Ether in 2023 to offer yield from liquid staking, attracting hundreds of investors and $150M+ in capital.