Shiba Inu (SHIB) embarks on a new collaboration with Chainlink (LINK), poised to alter its burn policy. This move aims to link cross-chain transactions with the Ethereum network.
New Era of Cross-Chain Burns
At the heart of this upgrade lies the Chainlink Cross-Chain Interoperability Protocol (CCIP). The system allows SHIB holders to migrate tokens across blockchains, triggering token burns on Ethereum without slowing transaction times. This structure not only strengthens SHIB’s presence across networks but also contributes to reducing its large circulating supply.
Expanding Utility Beyond SHIB
Importantly, the new burn system is not limited to SHIB. Other tokens within the Shiba Inu ecosystem, BONE, LEASH, and TREAT can now benefit from the same cross-chain burning model. This creates a comprehensive strategy that boosts the entire network’s utility while maintaining a deflationary pressure on supply. Furthermore, the implementation of CCIP in ShibariumNet and the use of the Chainlink Cross-Chain Token (CCT) standard extend the scalability of the project.
Current Market Impact
Despite the technological leap, SHIB’s burn rate has seen a sharp decline. According to shibburn data, over the last 24 hours, only about 69,953 tokens were destroyed, marking a 99.76% drop in activity. Currently, the token trades at $0.00001245, reflecting a slight daily dip of 0.89%.
The collaboration between Shiba Inu and Chainlink aims to update the burn mechanism and strengthen the ecosystem. However, the results indicate that despite technological progress, the burning activity has significantly dropped.
