Shiba Inu advances DeFi strategy with Chainlink partnership
Shiba Inu has taken a significant step forward by partnering with Chainlink to enhance cross-chain functionality and data integration across its ecosystem, according to a Dec. 19 statement.
This collaboration introduces cutting-edge interoperability features and positions the Shiba Inu network for broader adoption.
Unlocking cross-chain potential
The collaboration integrates Chainlinks Cross-Chain Token (CCT) standard into Shiba Inus ecosystem, enabling its tokensSHIB, LEASH, and BONEto 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 across all supported networks.
The Shiba Inu network also benefits from integrating Chainlinks Cross-Chain Interoperability Protocol (CCIP) into its Ethereum-based layer-2 blockchain, Shibarium.
This empowers developers to create secure, feature-rich, and scaleable cross-chain applications. The improvements enhance Shibariums utility and boost its reliability as a blockchain solution.
Additionally, Shiba Inu has adopted the Oracle networks low-latency market data through Chainlink Data Streams. This service delivers premium, high-frequency data with features like liquidity-weighted bid-ask spreads and sub-second execution speeds.
Johann Eid, Chief Business Officer at Chainlink Labs, said:
The integration of Chainlink CCIP as Shibariums canonical cross-chain solution and Shiba Inus adoption of the CCT standard will enhance its capabilities and drive wide adoption of its ecosystem.
He added that the Chainlink standard for cross-chain interoperability and Chainlink Data Streams unlocks innovation that would expand the Shibarium Network and support the development of efficient and secure DeFi markets.
Kaal, a developer in the Shiba Inu ecosystem, highlighted the significance of this partnership. He explained that the collaboration enables SHIB-related tokens to span multiple chains and sets the stage for innovative multi-chain applications.
He outlined several projects that could now be developed within the memecoin ecosystem by leveraging Chainlink technology, stating:
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 futures unleashed, and Shib DeFi will never be the same.
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