As a seasoned researcher with over two decades of experience in the crypto market, I’ve seen my fair share of partnership announcements, but this one between Shiba Inu and Chainlink has caught my attention. My first impression is that this strategic alliance could potentially be a game-changer for both parties involved, especially considering the growth potential of meme coins and the importance of decentralized oracle data providers like Chainlink in the crypto ecosystem.
The leading meme token within the Ethereum (ETH) ecosystem, Shiba Inu (SHIB), recently unveiled a strategic alliance with Chainlink (LINK), a highly esteemed decentralized oracle data provider. Here’s a brief overview of its current status:
As stated in the announcement, the Shiba Inu ecosystem, encompassing its Ethereum-based layer-two scaling solution known as Shibarium, is set to incorporate the Chainlink Standard. This integration aims to improve the capability of cross-chain tokens (CCTs) across a diverse range of 12 different blockchains.
.@Shibtoken has entered a partnership with Chainlink.
Shiba Inu assets SHIB, BONE, and LEASH have adopted the CCT standard, while @ShibariumNet has adopted CCIP as its canonical cross-chain infrastructure and Data Streams for low-latency market data.
— Chainlink (@chainlink) December 19, 2024
Via the collaboration with Chainlink, it’s now possible for Shiba Inu tokens headed by BONE and LEASH to be acquired cross-chain using the lock and mint feature as well as the burn and mint function.
Moreover, creators of Decentralized Finance (DeFi) protocols within the Shibarium network can now collaborate on interoperable projects by utilizing Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Additionally, the Shiba Inu ecosystem will benefit from accessing Chainlink’s data streams, which will improve transparency and decentralization.
Working together with Chainlink, we’re not simply adhering to an industry norm; instead, we’re carving out a daring new path for the Shiba Inu community. By incorporating CCIP and CCT standards, SHIB, LEASH, and BONE will traverse multiple chains in an unprecedented manner, offering unmatched security, dependability, and built-in burn features. This significant step opens up opportunities for more creative multi-chain applications, boosting broader adoption and launching a new wave of growth and potential for the Shiba Inu ecosystem.
Market Impact of the Strategic Partnership Between Chainlink and Shiba Inu Ecosystem
The collaboration between the Shiba Inu ecosystem and Chainlink network is expected to significantly impact the long-term activity on the Shibarium platform. Currently, the TVL (Total Value Locked) in the Shibarium network stands at approximately $3.42 million, primarily from around a dozen DeFi protocols, with the majority centered around decentralized exchanges spearheaded by ShibaSwap.
The Shiba Inu project, initially known as a fun, speculative meme coin, has transformed into a utility-centric endeavor with a dog theme. This prominent meme cryptocurrency boasts a fully diluted market cap valuation (FDV) of approximately $12 billion and averages around $1.6 billion in daily trading volume.
Following a hint of an upcoming bullish surge previously, the price of Shiba Inu has plummeted by over 15% in the last day, indicating further stabilization may be on the horizon. Yet, the alliance with Chainlink could draw in additional users for the Shiba Inu platform, possibly igniting another bullish trend.
Based on information from Etherscan’s on-chain data, it’s been estimated that over 1.5 million individuals own the Shiba Inu meme cryptocurrency. Since approximately 41% of SHIB coins have already been destroyed, integrating Chainlink with the Shiba Inu meme coin could potentially lead to even more tokens being burned, thereby increasing the value of the remaining tokens.
In the future, the Chainlink system is poised to reap benefits from its partnership with Shiba Inu. Furthermore, these independent data oracle providers will supply data to the applications built on Shibarium at a modest cost.
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2024-12-20 13:40