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Shiba Inu to Enhance Its Ecosystem by Partnering With Chainlink: Details
In a recent announcement, the popular meme coin project Shiba Inu has partnered with blockchain oracle network Chainlink. This strategic collaboration aims to enhance its ecosystem and unlock new possibilities for the SHIB community.
As part of this partnership, the assets SHIB, BONE, and LEASH have adopted the Cross-Chain Token (CCT) standard, making them available across 12 blockchains. This integration enables the seamless transfer of tokens between Ethereum and other chains, ensuring greater flexibility and accessibility within the Shiba Inu ecosystem.
Furthermore, Shibarium, the layer-2 scaling solution from Shiba Inu, has incorporated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as its canonical cross-chain infrastructure. This integration will empower developers to build feature-rich and reliable cross-chain applications that can further grow the Shibarium network.
In addition, Shiba Inu has also adopted the Chainlink standard for low-latency market data. According to Shiba Inu’s team, this integration supplies “premium high-frequency data” and delivers unmatched functionality within its ecosystem.
According to a statement from one of Shiba Inu’s leading developers, Kaal, this partnership is expected to transcend every boundary, unlocking new possibilities for the SHIB community. Chainlink’s Chief Business Officer, Johann Eid, also shared his enthusiasm for the collaboration, stating that it will drive the adoption of Shibarium and support the development of efficient and secure decentralized financial applications.
Despite the excitement surrounding this partnership, Shiba Inu’s and Chainlink’s native assets have been impacted by recent market fluctuations. SHIB has lost around 16% in value, currently trading at approximately $0.00001964, while Chainlink’s LINK token has seen a decline of about 14%, now priced below $21.
It is essential to note that these losses are not unique to Shiba Inu and Chainlink, as the broader cryptocurrency market has experienced a significant correction following the latest FOMC meeting.
Source: cryptopotato.com
