A $650 million wave of bridge hacks just triggered a $7 billion mass migration to Chainlink
Chainlink’s cross-chain infrastructure saw rapid Q2 growth, with more than $7 billion in token value migrating onto its network. CCIP handled $4.9 billion in quarterly volume, up 353% year over year, and total value secured reached $110 billion. Major migrations from Mantle, Lombard Finance, Solv, KelpDAO, Kraken, Re, and Virtuals reflected rising concern over bridge security, after cross-chain losses topped $650 million this year. Institutional adoption also expanded. DTCC said its Collateral AppChain will use Chainlink for near-real-time collateral management, Fidelity International launched a tokenized fund using Chainlink data, and State Street and Galaxy used it for a tokenized liquidity fund. Project Pangea is exploring T+0 FX settlement with regulated stablecoins. Chainlink is also building token-demand mechanisms: Chainlink Reserve added over 1.44 million LINK in Q2, and Smart Value Recapture has processed over $880 million in liquidations. Exchange balances fell sharply, while LINK rose about 12% this month.
