Shiba Inu partnered with Chainlink to integrate and enhance the Cross-Chain Interoperability Protocol into Shibarium, a layer 2 network. Powered by Chainlink's oracle network, the CCIP standard enables Shibarium developers to create feature-packed cross-chain applications that help scale the Shibarium network.
Chainlink, a decentralized blockchain oracle network, has integrated with Shibarium, a layer 2 blockchain solution for the Shiba Inu ecosystem. Shibarium has integrated with Chainlink's Cross-Chain Interoperability Protocol (CCIP), a standard that enables 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 and be available on 12 blockchains.
“We are excited to partner with Shiba Inu and co-develop their ecosystem,” said Johann Eid, Chief Business Officer of Chainlink Labs. Adoption will greatly enhance its capabilities and encourage broader use and engagement.”
Benefits provided by Chainlink CCIP
As reported by Chainlink, one of the great features of CCIP is that it facilitates secure token transfers where CCT operates independently of any specific token logic. CCT provides flexibility in handling tokens because they can be transferred without being tied to specific rules or logic governing individual tokens. This allows developers to implement pre-audited token pool contracts to convert ERC20-compatible tokens to CCT, or create custom token pool contracts for their own use cases.
Additionally, BONE and LEASH will benefit from enhanced security within the CCIP token pool and features such as smart execution that ensures reliable transaction processing on the target chain.
Additionally, battle-tested security is the foundation of CCIP, and the security measures in place at CCIP have been rigorously tested and proven effective over time. CCT is secured using the CCIP framework, which runs on top of the established Distributed Oracle Network (DON). The network has successfully facilitated a large amount of transactions (over $16 trillion) since 2022, demonstrating its reliability and robustness.
Another important feature is arbitrary messaging, which allows developers to send arbitrary data between smart contracts hosted on different blockchains. This feature opens the door to a variety of applications, from cross-chain NFT transfers to cross-chain lending.
Finally, programmable token transfers are made possible through CCIP, allowing the movement of value (via CCT) while also providing data that guides the receiving smart contract on what to do with the tokens once they arrive on the target chain. It also includes instructions.
Analysts remain bullish on Chainlink (LINK), with price likely to recover to $35 by January 2025 and reach $75 by mid-2025, according to recent CNF updates We predict that there will be. This optimism comes despite LINK currently trading at $23.26, which is a significant 56.58% jump from its all-time high of $52.70 recorded on May 10, 2021. reflects the decline. In the past day alone, LINK has experienced a decline of 6.03%, and its value has declined by 21.32% over the past week.
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Similarly, Shiba Inu is also facing a downturn, with its price dropping 8.24% in the past 24 hours and 19.92% over the past week.
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