TL;DR

• Shiba Inu partnered with Chainlink to enable cross-chain functionality and enhance Shibarium’s 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 adopted the Cross-Chain Token (CCT) standard to become available across 12 blockchains. 

This mechanism, employing Chainlink’s Cross-Chain Interoperability Protocol (CCIP), allows token transfers from Ethereum to other chains, while the burn-and-mint program facilitates cross-chain transfers across all other networks.

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

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

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

One of Shiba Inu’s leading developers, who u