Shiba Inu to improve its ecosystem by partnering with Chainlink: details

TL;DR

Shiba Inu partnered with Chainlink to enable cross-chain functionality and enhance the Shibarium ecosystem. Despite this, SHIB and LINK prices dropped significantly amid a broader crypto market pullback. The Collaboration

Popular meme coin project Shiba Inu announced a partnership with blockchain oracle network Chainlink. As a result, SHIB, BONE and LEASH assets adopted the Cross-Chain Token (CCT) standard to be available on 12 blockchains.

This mechanism, which employs Chainlink’s Cross-Chain Interoperability Protocol (CCIP), enables transfers of Ethereum tokens to other chains, while the burn and mint program facilitates cross-chain transfers on all other networks.

In addition, Shibarium (Shiba Inu’s layer 2 scaling solution) integrated the Chainlink standard for blockchain interoperability as a “canonical cross-chain infrastructure”.

“Chainlink CCIP enables Shibarium developers to build reliable and feature-rich cross-chain applications that grow the Shibarium network,” the disclosure says.

Last but not least, Shiba Inu adopted the Chainlink standard for “low latency market data”. The team behind the meme coin claimed that Chainlink Data Streaks provides “premium high-frequency data” and offers “unparalleled functionality.”

One of Shiba Inu’s lead developers, who goes by the moniker X Kaal, stated that the SHIB ecosystem “transcends all boundaries” following the collaboration.

Chainlink’s Chief Business Officer Johann Eid also chimed in. He assumed that the integration of the CCIP standard will enhance Shibarium’s capabilities and “drive broad adoption of its ecosystem.”

“We look forward to seeing how the Chainlink standard for cross-chain interoperability and Chainlink data streams unlock innovation, expand the Shibarium network, and support the development of efficient and secure DeFi markets,” he concluded.

SHIB and LINK price reactions

Despite the announced collaboration, both assets remain deep in the red on a daily basis. Shiba Inu (SHIB) is down almost 20%, currently trading around $0.00001964, while Chainlink (LINK) is down 16% to below $21.

SHIB Price, Source: CoinGecko

Its poor performance coincides with the severe correction of the entire cryptocurrency market, which began shortly after the last FOMC meeting. As reported by CryptoPotato, the Federal Reserve cut the benchmark by 0.25%, but Chairman Jerome Powell hinted that policy could be on hold next year due to rising inflation concerns . He also said that the central bank is not allowed to buy Bitcoin (BTC) despite the promises of Donald Trump.

The major cryptocurrency then briefly collapsed to nearly $92,000. Major altcoins, including Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE) and many more, also suffered double-digit price losses.

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