Shiba Inu developer Dhairya is reacting to a disclosure that hints at the possibility of integrating Chainlink's CCIP into Shibarium, the ecosystem's Layer 2 network.
Shibarium, the layer 2 blockchain network of the Shiba Inu ecosystem, is on the verge of integrating Chainlink's Cross-Chain Interoperability Protocol (CCIP), which could improve interoperability.
This development came to light when prominent Shiba Inu community figure The Bus analyzed the details of the code related to the integration. He shared a screenshot of the codebase highlighting the potential integration between Shibarium and CCIP.
The screenshot shows the “PriceRegistry” smart contract that facilitates the conversion of token amounts between blockchain networks. Notably, the agreement uses Chainlink's technology to validate token prices and ensure accurate cross-chain token transfers.
As this integration has not yet been officially announced by the Shibarium team, The Bus' disclosure prompted a reaction from Shiba Inu developer Kaal Dhairya, an expert revealing major updates regarding Shibarium and the broader ecosystem. recognized his talent.
This guy is Shibarium breaking news, it's hard to keep things away from him 😉 https://t.co/BvKAW90Y2W
— Kaal (@kaaldhairya) November 27, 2024
What is Chainlink's CCIP?
For the uninitiated, Chainlink’s CCIP is a protocol that enables seamless interoperability between different blockchain networks. This allows dApps and smart contracts to securely transfer tokens and data between multiple blockchains without the need for bridges.
CCIP uses Chainlink's decentralized oracle network to ensure reliable, tamper-proof communications and reduce risks associated with single points of failure. This protocol is particularly useful for cross-chain lending, liquidity optimization, and building dApps that leverage multiple blockchains.
How CCIP enhances Sybarium
By integrating Chainlink's CCIP, Shibarium will be able to expand its ecosystem and enhance interoperability by connecting with other blockchains. Currently, we rely on bridges to transfer assets related to Shibarium and other networks.
Notably, in the early days of the network, it took seven days to move an asset using the underlying layer 1 network, Ethereum. Interestingly, the Shibarium team reduced this time to 45 minutes in May. Nevertheless, asset transfers still require significant waiting times.
CCIP integration allows Shibarium-based assets to interact with different chains, increasing liquidity and improving user experience. For example, network participants can use Shibarium-native tokens in on-chain applications and operations such as Ethereum, Polygon, and Avalanche.
In the absence of official confirmation and details, it is unclear at the time of writing how much CCIP will help enhance Shibarium interoperability.
This development is in sync with Shibarium's goal to expand its utility and strengthen adoption in the DeFi space. Adopting this cross-chain protocol could attract developers looking for interoperable solutions.
Despite boasting 4.68 million daily transactions at the time of writing, the Shibarium team is actively working to improve its implementation. In a commentary last week, Shiba Inu leader Shiri Kusama emphasized that mass adoption could help attract major centralized exchanges to Shibarium.
Notably, this disclosure follows several recent milestones achieved by Sybarium. Remarkably, the network reached the impressive milestone of 500 million transactions on November 16, 15 months after its launch. Two days ago, Sibarium's TVL also reached a new high of $8.7 million.
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