According to a Dec. 19 statement, Shiba Inu has made significant progress by partnering with Chainlink to enhance cross-chain capabilities and data integration across the ecosystem.
This collaboration will introduce cutting-edge interoperability features and enable broader adoption of the Shiba Inu network.
Unleash the potential of cross-chain
This partnership will integrate Chainlink's cross-chain token (CCT) standard into the Shiba Inu ecosystem, allowing its tokens (SHIB, LEASH, BONE) to operate seamlessly across 12 blockchains.
The Lock and Mint system can efficiently transfer these assets from Ethereum to other chains. Meanwhile, the burn-and-mint mechanism ensures smooth token movement between all supported networks.
The Shiba Inu network also benefits from the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into Shibarium, an Ethereum-based layer 2 blockchain.
This enables developers to create secure, feature-rich, and scalable cross-chain applications. These improvements make Shibarium more practical and reliable as a blockchain solution.
Additionally, Shiba Inu has adopted the Oracle network's low-latency market data through Chainlink Data Streams. The service offers premium, high-frequency data with features such as liquidity-weighted bid-price spreads and sub-second execution speeds.
Johann Eid, Chief Business Officer of Chainlink Labs, said:
“Shibarium's integration of Chainlink CCIP as a standard cross-chain solution and Shiba Inu's adoption of the CCT standard will strengthen its capabilities and facilitate widespread adoption of its ecosystem.”
He added that Chainlink standards for cross-chain interoperability and Chainlink Data Streams will enable innovations that will expand the Shibarium network and support the development of an efficient and secure DeFi market.
Karl, the developer of the Shiba Inu ecosystem, emphasized the importance of this partnership. He explained that the partnership will allow SHIB-related tokens to span multiple chains, setting the stage for innovative multi-chain applications.
He outlined several projects that can be developed within the memecoin ecosystem by leveraging Chainlink technology, saying:
“Automated insurance payments that react to real-time events, dynamic lending markets driven by global economic indicators, frictionless cross-chain liquidity pools, and tokenized assets priced with real-world precision. Imagine the future is unleashed, but Shib DeFi is never the same.
mentioned in this article
