Chainlink And Shiba Inu Will Work Together To Enhance Interoperability

Shiba Inu (SHIB) has officially revealed a new strategic alliance with Chainlink (LINK). As per the announcement, it was stated that the Shiba Inu ecosystem, which includes the Shibarium Layer 2 scaling solution on Ethereum (ETH), will implement the Chainlink Standard to improve cross-chain token (CCT) functionality across 12 different blockchains.

Seamless Transferability

The tweet by Chainlink highlights the adoption of the CCT standard by Shiba Inu assets, such as SHIB, BONE, and LEASH, while the Shibarium network has also embraced the CCIP (Cross-Chain Interoperability Protocol) as its core infrastructure for cross-chain operations and Data Streams for low-latency market data.

As part of the partnership, tokens like BONE and LEASH can now be transferred across various blockchains using the lock-and-mint and burn-and-mint mechanisms. Additionally, DeFi developers building on the Shibarium ecosystem can now leverage the CCIP to create interoperable projects. Chainlink shall also make their data streams available to the Shiba Inu network, enhancing both transparency and decentralization.

Market Impact

This partnership is expected to have a profound impact on the on-chain activity within the Shibarium platform. At the time of writing, the Shibarium network has a total value locked (TVL) of approximately $3.42 million across various DeFi protocols, primarily decentralized exchanges like ShibaSwap.

Despite a recent drop of over 15% in the Shiba Inu price over the past 24 hours, signaling some market consolidation, the collaboration with Chainlink is expected to draw more users into the Shiba Inu ecosystem, possibly triggering the next phase of bullish growth. SHIB also has a fully diluted valuation (FDV) nearing $12 billion, a daily trading volume of around $1.6 billion, and approximately 1.5 million holders, according to on-chain data by Etherscan.