Coinspeaker Shiba Inu and Chainlink Announce Strategic Partnership to Enhance Interoperability for Shibarium Ecosystem
Shiba Inu SHIB $0.000020 24h volatility: 18.8% Market cap: $11.59 B Vol. 24h: $1.79 B , 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.
According to the announcement, the Shiba Inu ecosystem, which includes 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.
.@Shibtoken has entered a partnership with Chainlink.
Shiba Inu assets SHIB, BONE, and LEASH have adopted the CCT standard, while @ShibariumNet has adopted CCIP as its canonical cross-chain infrastructure and Data Streams for low-latency market data.https://t.co/SB9r4shiNB pic.twitter.com/7Jnz7jPGhm
— Chainlink (@chainlink) December 19, 2024
Through the partnership with Chainlink, the Shiba Inu tokens led by BONE and LEASH can now be accessed across different blockchains via the lock and mint plus the burn and mint mechanism.
Additionally, DeFi protocol developers on the Shibarium ecosystem can now build interoperable projects through Chainlink’s CCIP. Furthermore, the Chainlink data streams will be available to the Shiba Inu ecosystem to 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 strategic partnership between the Shiba Inu ecosystem and the Chainlink network will have a long-lasting 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 merely speculative meme coin to a utility-focused dog-themed project. The large-cap meme coin has a fully diluted valuation (FDV) of about $12 billion and a daily average traded volume of about $1.6 billion.
After signaling a potential bullish breakout in the recent past, Shiba Inu price dropped more than 15 percent in the last 24 hours, signaling more consolidation ahead. However, the strategic partnership with Chainlink will help attract more users for the Shiba Inu ecosystem and potentially fuel the next bullish phase.
According to on-chain data by Etherscan, the Shiba Inu meme coin has nearly 1.5 million holders. With more than 41 percent of SHIB already burnt, the Chainlink integration with Shiba Inu meme coin will register more token burns to add value to the existing tokens.
Meanwhile, the Chainlink ecosystem stands to benefit from the Shiba Inu partnership in the long haul. Moreover, the independent data oracle providers will supply to the Shibarium Dapps at a small fee.
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Shiba Inu and Chainlink Announce Strategic Partnership to Enhance Interoperability for Shibarium Ecosystem
