- Shiba Inu has partnered with Chainlink to integrate the Cross-Chain Interoperability Protocol into its layer 2 network, Shibarium, enhancing its capabilities.
- Powered by Chainlink’s oracle networks, the CCIP standard allows Shibarium developers to create feature-packed cross-chain applications that contribute to the expansion of the Shibarium network.
Chainlink, a decentralized blockchain oracle network, has integrated with Shibarium, the Layer-2 blockchain solution for the Shiba Inu ecosystem. Shibarium has integrated with Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a standard that allows communication between different blockchains. As part of the partnership, Shiba Inu-based tokens BONE, LEASH, and TREAT will adopt the Cross-Chain Token (CCT) standard to make them available across 12 blockchains.
Chainlink Labs’ Chief Business Officer, Johann Eid, expressed enthusiasm about the collaboration, stating, “We’re thrilled to partner with Shiba Inu and jointly develop its ecosystem. The integration of Chainlink CCIP as Shibarium’s main cross-chain solution and the adoption of the CCT standard will significantly enhance its capabilities, encouraging wider usage and engagement.”
Benefits provided by Chainlink CCIP
As reported by Chainlink, one of the standout capabilities of the CCIP is to facilitate Secure Token Transfers, where the CCTs operate independently of specific token logic. CCTs can be transferred without being tied to the specific rules or logic that govern individual tokens, thus providing flexibility in handling tokens. With this, developers can implement pre-audited token pool contracts to convert any ERC20-compatible token into a CCT or to create custom token pool contracts tailored for unique use cases.
Additionally, BONE and LEASH will benefit from enhanced security within their CCIP token pools and features like Smart Execution, which ensures dependable transaction processing on the target chain.
Moreover, battle-tested security is a cornerstone of CCIP, and the security measures in place for the CCIP have been rigorously tested and proven effective over time. CCTs are secured using the CCIP framework, which operates on its established Decentralized Oracle Network (DON). This network has successfully facilitated a massive volume of transactions (over $16 trillion) since 2022, demonstrating its reliability and robustness.
Another key feature is Arbitrary Messaging, which allows developers to send any data between smart contracts hosted on different blockchains. This capability opens the door to various applications, ranging from cross-chain NFT transfers to cross-chain lending.
Finally, Programmable Token Transfers are made possible through CCIP, allowing the movement of value (via CCTs) while also incorporating data instructions that guide the receiving smart contract on how to handle the tokens upon their arrival on the target chain.
Analysts remain bullish on Chainlink (LINK), projecting that the price will rebound to $35 by January 2025 and potentially reach as high as $75 by mid-2025, according to a recent CNF update. This optimism comes despite LINK currently trading at $23.26, which reflects a significant decline of 56.58% from its all-time high of $52.70 recorded on May 10, 2021. In the past day alone, LINK has experienced a decrease of 6.03%, and its value has dropped by 21.32% over the past week.
[mcrypto id=”435411″]Similarly, Shiba Inu has also faced a downturn, with its price decreasing by 8.24% in the last 24 hours and dropping by 19.92% over the past week.
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