{"id":30089,"date":"2024-12-20T18:29:41","date_gmt":"2024-12-20T18:29:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=30089"},"modified":"2024-12-20T18:29:41","modified_gmt":"2024-12-20T18:29:41","slug":"shiba-inu-to-enhance-its-ecosystem-by-partnering-with-chainlink-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=30089","title":{"rendered":"Shiba Inu to Enhance Its Ecosystem by Partnering With Chainlink: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu partnered with Chainlink to enable cross-chain functionality and enhance Shibarium\u2019s ecosystem.<\/span>
\nDespite that, SHIB and LINK prices dropped significantly amid a broader crypto market pullback.<\/p>\n

<\/a><\/span><\/h2>\n

The Collaboration<\/h2>\n

The popular meme coin project Shiba Inu <\/span>announced<\/span><\/a> a partnership with the blockchain oracle network Chainlink. As a result, the assets SHIB, BONE, and LEASH adopted the Cross-Chain Token (CCT) standard to become available across 12 blockchains.\u00a0<\/span><\/p>\n

This mechanism, employing Chainlink\u2019s Cross-Chain Interoperability Protocol (CCIP), allows token transfers from Ethereum to other chains<\/span>, while<\/span> the burn-and-mint program facilitates cross-chain transfers across all other networks.<\/span><\/p>\n

Additionally,<\/span> Shibarium (Shiba Inu\u2019s layer-2 scaling solution) integrated the Chainlink standard for blockchain interoperability as its \u201ccanonical cross-chain infrastructure.\u201d<\/span><\/p>\n

\u201cChainlink CCIP enables Shibarium developers to build feature-rich, reliable cross-chain applications that grow the Shibarium network,\u201d the disclosure reads.<\/span><\/p>\n

Last <\/span>but not least<\/span>, Shiba Inu adopted the Chainlink standard for \u201clow latency market data.\u201d The team behind the meme coin maintained that Chainlink Data Streaks supplies \u201cpremium high-frequency data\u201d and delivers \u201cunmatched functionality.\u201d<\/span><\/p>\n

One of Shiba Inu\u2019s leading <\/span>developer<\/span>s, who uses the X moniker <\/span>Kaal<\/span>, <\/span>claimed<\/span><\/a> the SHIB ecosystem \u201ctranscends every boundary\u201d after the collaboration.<\/span><\/p>\n

Chainlink\u2019s Chief Business Officer<\/span> \u2013 <\/span>Johann Eid <\/span>\u2013 also chipped in<\/span>. He assumed that <\/span>the integration of<\/span> the CCIP standard will enhance Shibarium\u2019s capabilities and \u201cdrive wide adoption of its ecosystem.\u201d<\/span><\/p>\n

\u201cWe look forward to seeing how the Chainlink standard for cross-chain interoperability and Chainlink Data Streams unlocks innovation, expands the Shibarium Network, and supports the development of efficient and secure DeFi markets,\u201d he concluded.<\/span><\/p>\n

SHIB and LINK Price Reactions<\/span><\/h2>\n

Despite the announced collaboration, both assets remain deep in the red <\/span>on a daily scale<\/span>. Shiba Inu (SHIB) is down almost 20%, currently trading at around $0.00001964, while Chainlink (LINK) has dipped by 16% to less than $21.
\n<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Their poor performance coincides with the severe correction in the entire cryptocurrency market, which started shortly after the latest FOMC meeting. As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a>, the Federal Reserve reduced the benchmark by 0.25%, but Chairman Jerome Powell hinted that the policy might be halted next year due to rising inflation concerns. He also said the central bank is not permitted to purchase Bitcoin (BTC) despite Donald Trump\u2019s promises.<\/span><\/p>\n

In the aftermath, the primary cryptocurrency briefly collapsed to almost $92,000. <\/span>Leading altcoins, including Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and many more, <\/span>suffered, too<\/span>, charting double-digit price losses.<\/span>\u00a0<\/span><\/p>\n

The post Shiba Inu to Enhance Its Ecosystem by Partnering With Chainlink: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu partnered with Chainlink to enable cross-chain functionality and enhance Shibarium\u2019s ecosystem. Despite that, SHIB and LINK prices dropped significantly amid a broader crypto market pullback. The Collaboration The popular meme coin project Shiba Inu announced a partnership with the blockchain oracle network Chainlink. As a result, the assets SHIB, BONE, and LEASH […]<\/p>\n","protected":false},"author":0,"featured_media":30090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30089"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30089"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/30090"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}