The famous cross-chain interoperability project Chainlink has formed a strategic partnership with the Shiba Inu memecoin ecosystem.
The collaboration between the parties will lead Shibarium to enter the well-known communication framework “Cross-Chain Interoperability Protocol” (CCIP).
Assets like SHIB, BONE, and LEASH gain a new level of compatibility on 12 different blockchains, integrating the “Cross-Chain Token” (CCT) standard.
Let’s see all the details below.
Chainlink and the new partnership with Shiba Inu: the Shibarium blockchain integrates the CCIP protocol
According to the latest market news, Chainlink has just announced a new partnership with the Shiba Inu project and its memecoin ecosystem.
In particular, the leader in the decentralized oracle sector is offering its blockchain interoperability services to the friendly infrastructure.
The union between the two entities will indeed bring Shibarium, the main network of Shiba Inu, into the cross-chain communication framework CCIP.
This is an interoperability standard, fully developed by Chainlink, designed to facilitate interaction between different and incompatible blockchains.
The CCIP also allows developers to create native cross-chain applications through the transfer of arbitrary data between smart contracts on different chains.
In practice, Shibarium thus becomes much more open and capable of communicating with other infrastructures, exchanging tokens belonging to the CCT standard.
Among the most relevant use cases, we also find the possibility of transferring NFT on a cross-chain basis, and accessing loans from different liquidity sources.
The CCIP protocol of Chainlink opens the doors to programmable operations as well, with the tokens landed on the destination chain already knowing what to do based on the instructions of the smart contract.
The Shiba Inu community gains a huge advantage from this collaboration, gaining the ability to execute sets of actions involving multiple infrastructures, made impossible until today.
Regarding this news, Johann Eid, Chief Business Officer of Chainlink Labs, commented on the potential bull implications of the CCIP.
“We are excited to enter into a partnership with Shiba Inu and grow its ecosystem together. The integration of Chainlink CCIP as the canonical cross-chain solution of Shibarium and the adoption by Shiba Inu of the CCT standard will enhance its capabilities and promote widespread adoption of its ecosystem. We look forward to seeing how the Chainlink standard for cross-chain interoperability and Chainlink Data Streams will unlock innovation, expand the Shibarium network, and support the development of efficient and secure DeFi markets”.
SHIB, BONE and LEASH adopt the Cross-Chain Token (CCT) standard
The implementation of the Chainlink CCIP framework also involves, and above all, the native assets of the Shibarium blockchain, such as SHIB, BONE, and LEASH.
These, thanks to the Cross-Chain Token (CCT) standard typical of the CCIP, thus land on 12 different crypto networks significantly increasing their reach.
More specifically, in this process Chainlink implements 2 different cross-chain communication mechanisms.
The first, namely the “lock-and-mint” allows token transfers from Ethereum to other chains, while the second, namely the “burn-and-mint” facilitates cross-chain transfers on all other networks.
This new feature represents a significant milestone for the Shiba Inu ecosystem, making its tokens more open to multi-chain interactions.
By integrating the CCT standard, coins like SHIB, BONE, and LEASH exit a closed system to embrace greater opportunities, being able to draw from a unified liquidity.
Everything happens in a condition of reliability and security, with Chainlink providing assurance with its proven infrastructure. We remind you that the CCIP is based on Chainlink’s oracles networks and that up to today it has powered the transfer of over 17 trillion dollars.
The standard is active with 2,700 different integrations, on which 50,000 developers are working within a community of 1.5 million members.
The #Chainlink standard
2,700+ Integrations
50,000+ Developers
1.5 Million + Community Members
Bridging traditional markets to blockchains
Enabling secure DeFi applications
Powering tokenized assets and RWAs
$17.3+ Trillion Transactional Value Enabled
15+ Billion Total… pic.twitter.com/hVK1EzHsRn
— Michael Robinson (@77MichaelR) November 25, 2024
Kaal, Tech Wizard at Shiba Inu, expressed his enthusiasm for the cross-chain improvements offered by Chainlink, and reiterated the following:
“By collaborating with Chainlink, we are not just choosing an industry standard, we are charting a bold new course for the Shiba Inu ecosystem. By integrating CCIP and the CCT standard, SHIB, LEASH, and BONE, for the first time, will cover multiple chains with unparalleled security, reliability, and integrated burn mechanisms. This milestone paves the way for more innovative multi-chain applications, driving wider adoption and triggering a new era of growth and possibilities for the Shiba Inu ecosystem”.
Analysis of the crypto Chainlink (LINK) price: new leg up in 2025?
Today, the Chainlink token, despite the promising partnership with Shiba Inu, has been dragged down like the rest of the market.
The prices of LINK are down by 8.4% in the daily candle and 18% in the last 24 hours, driven by panic due to the drop of BTC below the threshold of 100,000 dollars.
The currency still comes from a super positive month of November, where it grew by 66% on the wave of the recovery of the DeFi token sector.
In the early days of December, LINK also surpassed new annual highs at 30 dollars, recovering a value that had not been seen since November 2021.
Beyond the bearish price action of this last week, LINK remains positioned as one of the top altcoins potentially most rewarding for 2025.
The prices are still well above the EMA 50 weekly, resting on the psychological support area of 20 dollars.
It is likely that from now until the end of the year LINK will be traded within the trading range of 20-30 dollars, awaiting the next bullish stimulus.
With the upcoming inauguration of Donald Trump at the White House, the cryptocurrency could then start a new bull run, boosted by the support of the new USA president.
Trump has indeed recently shown his support for the project by purchasing about 1 million dollars in LINK tokens.
By the end of 2025, we expect the surpassing of the historical highs set at 53 dollars.
It will be interesting to see how the Chainlink token reacts after the current dip, and if it will outperform Bitcoin as it has in recent weeks.
