Shiba Inu to Enhance Its Ecosystem by Partnering With Chainlink: Details
2024-12-21
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TL;DR
The Collaboration
The popular meme coin project Shiba Inu announced a partnership with the blockchain oracle network Chainlink. As a result, the assets SHIB, BONE, and LEASH adopted the Cross-Chain Token (CCT) standard to become available across 12 blockchains.
This mechanism, employing Chainlink’s Cross-Chain Interoperability Protocol (CCIP), allows token transfers from Ethereum to other chains, while the burn-and-mint program facilitates cross-chain transfers across all other networks.
Additionally, Shibarium (Shiba Inu’s layer-2 scaling solution) integrated the Chainlink standard for blockchain interoperability as its “canonical cross-chain infrastructure.”
“Chainlink CCIP enables Shibarium developers to build feature-rich, reliable cross-chain applications that grow the Shibarium network,” the disclosure reads.
Last but not least, Shiba Inu adopted the Chainlink standard for “low latency market data.” The team behind the meme coin maintained that Chainlink Data Streaks supplies “premium high-frequency data” and delivers “unmatched functionality.”
One of Shiba Inu’s leading developers, who uses the X moniker Kaal, claimed the SHIB ecosystem “transcends every boundary” after the collaboration.
Chainlink’s Chief Business Officer – Johann Eid – also chipped in. He assumed that the integration of the CCIP standard will enhance Shibarium’s capabilities and “drive wide adoption of its ecosystem.”
“We look forward to seeing how the Chainlink standard for cross-chain interoperability and Chainlink Data Streams unlocks innovation, expands the Shibarium Network, and supports the development of efficient and secure DeFi markets,” he concluded.SHIB and LINK Price Reactions
Despite the announced collaboration, both assets remain deep in the red on a daily scale. Shiba Inu (SHIB) is down almost 20%, currently trading at around $0.00001964, while Chainlink (LINK) has dipped by 16% to less than $21.
Their poor performance coincides with the severe correction in the entire cryptocurrency market, which started shortly after the latest FOMC meeting. As CryptoPotatoreported, the Federal Reserve reduced the benchmark by 0.25%, but Chairman Jerome Powell hinted that the policy might be halted next year due to rising inflation concerns. He also said the central bank is not permitted to purchase Bitcoin (BTC) despite Donald Trump’s promises.
In the aftermath, the primary cryptocurrency briefly collapsed to almost $92,000. Leading altcoins, including Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and many more, suffered, too, charting double-digit price losses.