Shiba Inu and TurboToadToken Adopt Chainlink's CCIP for Cross-Chain Operations

user avatar

by Giorgi Kostiuk

2 years ago

Shiba Inu is among the first to implement Chainlink's Cross-Chain Interoperability Protocol (CCIP), opening up new possibilities for SHIB, BONE, and LEASH tokens.

Breaking Barriers with Chainlink CCIP

The adoption of the Cross-Chain Token (CCT) standard marks a transformative step for Shiba Inu and TURBO. Utilizing Chainlink's CCIP, tokens like SHIB, BONE, LEASH, and TURBO can now be transferred securely across 12 blockchains, while Turbo can now be transferred across the BNBChain and Ethereum networks. Shiba Inu's layer-2 solution, Shibarium, has also integrated Chainlink CCIP, enabling developers to build robust decentralized applications that operate across different blockchains within the Shibarium ecosystem.

How It Works: Cross-Chain Transfers

The CCT standard employs Chainlink’s CCIP, which enables two key methods for cross-chain token transfers:

* The Lock-and-Mint Program, facilitating token transfers from Ethereum to other supported chains.

* The Burn-and-Mint Program, extending cross-chain token movement by burning tokens on the source chain and minting them on the destination chain.

Empowering Developers on Shibarium

Shibarium developers now have access to infrastructure that supports the creation of interoperable projects. Chainlink CCIP provides tools for developing secure dApps with cross-chain capabilities.

“Chainlink CCIP enables Shibarium developers to build reliable cross-chain applications that grow the Shibarium network,” stated Shiba Inu's team.

The integration of Chainlink CCIP is a significant milestone for the Shiba Inu ecosystem, enabling secure and efficient DeFi markets while expanding opportunities for developers and users.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

US Household Inflation Expectations Increase Ahead of Federal Reserve Meeting

In October 2023, American households raised their inflation expectations to 4.7% for the next year and 3.5% for the long run, according to a survey by the University of Michigan.

user avatarFilippo Romano

XRP Ledger Maintenance Amendment Regains Validator Majority

The XRP Ledger's fixCleanup340 amendment has regained majority support from validators, moving its activation window to November 4.

user avatarEmily Carter

W Group Invests in SwapGlobal for Institutional Pre-IPO Derivatives

W Group has announced its investment in SwapGlobal, which is preparing to offer institutional pre-IPO derivatives.

user avatarTomas Novak

Aave Labs Clarifies V38 Security Upgrade Details

Aave Labs has clarified its proposed V38 security upgrade, focusing on the exclusion of flashloan entry points from the new reentrancy guard, ensuring functionality during liquidations.

user avatarKaterina Papadopoulou

Aave Launches Externally Curated V4 Markets on Ethereum

Aave has launched its first externally curated V4 markets on Ethereum, managed by Sentora, which oversees active borrowing markets for RLUSD, PYUSD, and OUSD.

user avatarMaya Lundqvist

New Features Introduced in Stellar's Bell Upgrade

The Bell upgrade introduces new features including support for contract addresses and millisecond ledger timestamps, enhancing the Stellar network's capabilities.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.