Shiba has made a major step by joining forces with Chainlink, a company that specializes in data integration and cross-chain functionality. This partnership was announced on Dec. 19.
This partnership introduces interoperability technologies that are cutting edge and will position the Shiba Inu for wider adoption.
Unlocking the cross-chain potential
The collaboration integrates Chainlink’s Cross-Chain Token (CCT) standard into Shiba Inu’s ecosystem, enabling its tokens—SHIB, LEASH, and BONE—to operate seamlessly across 12 blockchains.
Lock-and-mint allows you to transfer assets efficiently from Ethereum chains. The burn-and mint mechanism allows tokens to be moved seamlessly across supported networks.
The Shiba Inu network also benefits from integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into its Ethereum-based layer-2 blockchain, Shibarium.
The developers can create cross-chain, secure applications that have rich features and are scalable. The improvements enhance Shibarium’s utility and boost its reliability as a blockchain solution.
Additionally, Shiba Inu has adopted the Oracle network’s low-latency market data through Chainlink Data Streams. This high-frequency service provides premium data, including liquidity-weighted spreads on bids and asks as well as sub-second speeds of execution.
Johann Eid, Chief Business Officer at Chainlink Labs, said:
“The integration of Chainlink CCIP as Shibarium’s canonical cross-chain solution and Shiba Inu’s adoption of the CCT standard will enhance its capabilities and drive wide adoption of its ecosystem.”
The Chainlink data streams and standard of cross-chain interoperability will unlock innovation and expand the Shibarium Network, he said.
Kaal, an ecosystem developer for the Shiba inu, has highlighted the importance of this partnership. He said that this collaboration allows SHIB tokens to be used across multiple chains, and opens the door for multi-chain innovative applications.
He described several projects which could be created within the memecoin eco-system by using Chainlink technology.
“Imagine automated insurance payouts 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 accuracy —the future’s unleashed, and Shib DeFi will never be the same.”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
