tl;dr
Shiba Inu, the largest meme coin on the Ethereum network, has partnered with Chainlink, a decentralized oracle data provider. This collaboration will enable Shiba Inu tokens to be accessed across 12 different blockchains and enhance transparency and decentralization. The partnership is expected to h...
Shiba Inu, the largest meme coin on the Ethereum (ETH) network, has announced a strategic partnership with Chainlink (LINK) network, a top-rated decentralized oracle data provider. The Shiba Inu ecosystem, including the Shibarium layer two scaling solution on the Ethereum network, will adopt the Chainlink Standard to enhance cross-chain token (CCT) ability across 12 different blockchains. Through the partnership, Shiba Inu tokens like BONE and LEASH can now be accessed across different blockchains via the lock and mint plus the burn and mint mechanism. DeFi protocol developers on the Shibarium ecosystem can build interoperable projects through Chainlink’s CCIP, and Chainlink data streams will enhance transparency and decentralization.
“Partnering with Chainlink, we’re not just choosing an industry standard — we’re setting a bold new course for the Shiba Inu ecosystem,” said Kaal, Tech Wizard at Shiba Inu. “By integrating CCIP and the CCT standard, SHIB, LEASH, and BONE will, for the very first time, span multiple chains with unparalleled security, reliability, and inbuilt burn mechanisms. This milestone paves the way for more innovative multi-chain applications, driving broader adoption and igniting a new era of growth and possibility for the Shiba Inu ecosystem.”
Market Impact of the Strategic Partnership Between Chainlink and Shiba Inu Ecosystem
The partnership will have a long-lasting impact on the on-chain activity of the Shibarium platform. As of this writing, the Shibarium network had a total value locked (TVL) of about $3.42 million from a dozen DeFi protocols, mostly involving decentralized exchanges led by ShibaSwap. The Shiba Inu ecosystem has evolved from a speculative meme coin to a utility-focused project with a fully diluted valuation (FDV) of about $12 billion and a daily average traded volume of about $1.6 billion. Despite a recent price drop, the partnership with Chainlink is expected to attract more users and potentially fuel the next bullish phase. With nearly 1.5 million holders, the integration will register more token burns to add value to the existing tokens. The Chainlink ecosystem stands to benefit in the long haul, with independent data oracle providers supplying to the Shibarium Dapps at a small fee.
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