Shiba Inu has taken a significant step forward by partnering with Chainlink to improve cross-chain functionality and data integration in its ecosystem, according to a Dec. 19 release.
This collaboration introduces industry-leading interoperability features and positions the Shiba Inu Network for broader adoption.
Unlocking cross-chain potential
The collaboration integrates Chainlink’s Cross-Chain Token (CCT) standard into the Shiba Inu ecosystem, allowing its tokens (SHIB, LEASH and BONE) to 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 movement of tokens across all supported networks.
The Shiba Inu Network also benefits from the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into its Ethereum-based layer 2 blockchain, Shibarium.
This allows developers to build secure, feature-rich, and scalable cross-chain applications. The improvements improve Shibarium’s usefulness and strengthen its reliability as a blockchain solution.
Additionally, Shiba Inu has adopted low-latency market data from the Oracle network via Chainlink Data Streams. This service provides high-frequency premium data with features such as liquidity-weighted bid-ask spreads and sub-second execution speeds.
Johann Eid, Chief Commercial Officer of 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 broad adoption across its ecosystem.”
He added that the Chainlink standard for cross-chain interoperability and Chainlink data feeds unlock innovations that would expand the Shibarium network and support the development of efficient and secure DeFi markets.
Kaal, developer of the Shiba Inu ecosystem, highlighted the importance of this partnership. He explained that the collaboration allows SHIB-linked tokens to span multiple chains and paves the way for innovative multi-chain applications.
He outlined several projects that could now be developed within the memecoin ecosystem leveraging Chainlink technology, stating:
“Imagine automated insurance payments that react to real-time events, dynamic lending markets driven by global economic indicators, frictionless cross-chain liquidity pools, and tokenized assets valued with real-world accuracy – the future goes wild, and Shib DeFi will never be the same.”
