Shiba Inu Partners with Chainlink to Boost Shibarium Interoperability
Shiba Inu #SHIB, the largest meme coin on the Ethereum network, has partnered with Chainlink #LINK, a leading decentralized oracle data provider.
This partnership will enable the Shiba Inu ecosystem, including the Shibarium layer two scaling solution, to adopt the Chainlink Standard, enhancing cross-chain token (CCT) capabilities across 12 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
The partnership allows Shiba Inu tokens, particularly BONE and LEASH, to be accessible across multiple blockchains through lock-and-mint and burn-and-mint mechanisms. DeFi protocol developers within the Shibarium ecosystem can create interoperable projects using Chainlink’s CCIP. Additionally, Chainlink data streams will enhance transparency and decentralization within the Shiba Inu ecosystem.
Kaal, Tech Wizard at Shiba Inu, stated that integrating CCIP and the CCT standard enables SHIB, LEASH, and BONE to operate across multiple chains securely and reliably. This milestone is expected to drive innovation and adoption in the Shiba Inu ecosystem.
Market Impact of the Strategic Partnership Between Chainlink and Shiba Inu Ecosystem
The partnership is anticipated to significantly affect on-chain activity on the Shibarium platform, which currently has a total value locked (TVL) of approximately $3.42 million from various DeFi protocols, primarily decentralized exchanges like ShibaSwap.
The Shiba Inu ecosystem has transitioned from a speculative meme coin to a utility-focused project, holding a fully diluted valuation (FDV) of about $12 billion and a daily trading volume of around $1.6 billion.
Despite a recent decline of over 15 percent in price, the partnership with Chainlink is expected to attract more users and potentially initiate a bullish phase for the Shiba Inu ecosystem.
On-chain data indicates that Shiba Inu has nearly 1.5 million holders, with over 41 percent of SHIB already burnt. The integration with Chainlink is projected to increase token burns, thereby adding value to existing tokens.
The Chainlink ecosystem is also expected to benefit from this partnership, as independent data oracle providers will supply services to Shibarium DApps for a nominal fee.