Shibarium Links Worlds

Shiba Inu and Chainlink Partner, Bringing SHIB to an Initial 12 Chains Through the Cross-Chain Token Standard (CCT)

In a partnership aimed at expanding the Shiba Inu ecosystem, Shibarium has adopted Chainlink's interoperability standard for cross-chain functionality.

By Chainlink

We’re excited to announce that Shibu Inu and Chainlink are partnering to grow the Shiba Inu ecosystem, while Shibarium has integrated the Chainlink standard for blockchain interoperability as its canonical cross-chain infrastructure. Shiba Inu ecosystem assets SHIB), BONE, and LEASH have also adopted the Cross-Chain Token (CCT) standard to make Shiba Inu assets available across 12 blockchains. The lock-and-mint mechanism enables token transfers from Ethereum to other chains, while the burn-and-mint mechanism facilitates cross-chain transfers across all other networks. Chainlink CCIP enables Shibarium developers to build feature-rich, reliable cross-chain applications that grow the Shibarium network.

CCTs are cross-chain-native assets secured by CCIP. They empower developers with self-serve deployment capabilities, full control and ownership, enhanced programmability, and zero-slippage transfers—all underpinned by CCIP’s robust defense-in-depth security architecture.

As a part of this partnership between Shiba Inu and Chainlink, we have also decided to adopt the Chainlink standard for low-latency market data. Chainlink Data Streams supply premium high-frequency data using proven Chainlink infrastructure. Not only does it deliver unmatched functionality—with advanced features such as liquidity-weighted bid-ask spreads and sub-second execution speed—but it does so without compromising on transparency and decentralization.

“We’re excited to enter a partnership with Shiba Inu and grow its ecosystem together. The integration of Chainlink CCIP as Shibarium’s canonical cross-chain solution and Shiba Inu’s adoption of the CCT standard will enhance its capabilities and drive wide adoption of its ecosystem,” said Johann Eid, Chief Business Officer at Chainlink Labs.

“We look forward to seeing how the Chainlink standard for cross-chain interoperability and Chainlink Data Streams unlocks innovation, expands the Shibarium Network, and supports the development of efficient and secure DeFi markets.”

Shibarium is a layer-2 (L2) blockchain network built on top of Ethereum. It is designed to enhance the scalability, speed, and cost-effectiveness of transactions within the Shiba Inu ecosystem.

We’re integrating CCIP as our canonical interoperability solution because CCIP is built with battle-tested security and is powered by Chainlink oracle networks, a proven standard with a track record of securing tens of billions of dollars and enabling over $17 trillion in onchain transaction value.

“Partnering with Chainlink, we’re not just choosing an industry standard—we’re setting a bold new course for the Shiba Inu ecosystem” said Kaal, Tech Wizard at Shiba Inu. “By integrating CCIP and the CCT standard, SHIB, LEASH, and BONE will, for the very first time, span multiple chains with unparalleled security, reliability, and inbuilt burn mechanisms. This milestone paves the way for more innovative multi-chain applications, driving broader adoption and igniting a new era of growth and possibility for the Shiba Inu ecosystem.”

Chainlink CCIP provides a multitude of important benefits and features, such as:

• Secure Token Transfers—Cross-Chain Tokens (CCTs) are token logic agnostic, meaning token developers can deploy pre-audited token pool contracts to turn any ERC20-compatible token into a CCT or deploy their own custom token pool contracts for bespoke token use cases. CCTs do not require token developers to inherit any CCIP-specific code within their token’s smart contract. CCTs also benefit from additional security functions in their CCIP token pools, such as configurable rate limits and reliability features such as Smart Execution, which helps ensure reliable transaction execution on the destination chain regardless of blockchain network congestion.
• Battle-tested Security—CCIP’s consensus layer is powered by Chainlink Decentralized Oracle Networks (DONs), infrastructure that has secured over $75 billion in DeFi TVL at its peak and enabled over $17 trillion in onchain transaction value since the start of 2022.
• Arbitrary Messaging—CCIP empowers developers to create cross-chain native applications through the transfer of arbitrary data, encoded as bytes, between smart contracts on different blockchains. Cross-chain messaging enables numerous use cases from cross-chain NFT transfers to cross-chain lending.
• Programmable Token Transfers—CCIP enables the transfer of value (via CCTs) cross-chain along with data instructions informing the receiving smart contract on what to do with those tokens once they arrive on the destination chain. Through Programmable Token Transfers, CCIP can condense a complex set of actions involving multiple users, blockchains, and assets down to a single atomic cross-chain instruction.

About Chainlink
Chainlink is the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink is unifying liquidity across global markets and has enabled over $17 trillion in transaction value across the blockchain economy. Major financial market infrastructures and institutions, such as Swift, Fidelity International, and ANZ Bank, as well as top DeFi protocols including Aave, GMX, and Lido, use Chainlink to power next-generation applications for banking, asset management, and other major sectors. Learn more by visiting chain.link.

The Cross-Chain Revolution: Unlocking Interoperability in Blockchain

By breaking the chains of isolated networks, interoperability is solving blockchain's fragmentation problem, ushering in a new era of seamless transactions.

By Yona Gushiken

Imagine being trapped in a digital ecosystem, unable to send assets or information beyond the borders of its walls. For years, blockchain networks have existed in isolated silos, limiting the free flow of digital assets. But the push for cross-chain interoperability is changing that, unlocking a new era where blockchains can communicate seamlessly, and digital currencies can move as freely as data itself.

The Rise of a Multi-Chain World

The year 2008 marked a pivotal moment in the history of the internet: the birth of Bitcoin, and with it, the first blockchain. Back then, it stood alone, a digital island in a vast sea of uncharted technological territory. By 2024, that solitary island has become a sprawling archipelago.

As the accompanying graph reveals, the nascent technology landscape of 2008, with Bitcoin as its sole inhabitant, has undergone a dramatic metamorphosis. By 2014, the emergence of platforms like Ethereum, with its groundbreaking smart contract capabilities, saw the number of blockchains grow to around 50. 

This figure quadrupled by 2017, reaching approximately 200, fueled by the Initial Coin Offering (ICO) boom that propelled a multitude of new blockchain projects into the spotlight. The momentum continued unabated, and by 2020, the blockchain ecosystem had matured significantly, boasting over 8,000 public and private networks, driven by enterprise adoption and the rise of specialized applications. 

Today, in 2024, that number has swelled to over 15,000, spurred by the continued expansion of decentralized finance (DeFi), the proliferation of Non-Fungible Tokens (NFTs), and the growing importance of cross-chain interoperability. This explosive growth, while a testament to blockchain's versatility, has also ushered in the era of the multi-chain world, with all its attendant complexities and challenges, particularly in the realm of interoperability between these myriad networks.

Yet, this rapid expansion also gave rise to a new challenge: a fragmented digital world of isolated ecosystems. Each new blockchain, with its unique features, consensus mechanisms, and devoted user base, was akin to an island nation speaking its own distinct language. In this multi-chain world, transferring assets or interacting between different blockchain platforms became a complex and often daunting task.

Ethereum's Unifying Vision: Bridging the Internal Divides

Even as challenges of fragmentation persist, a powerful counter-current is emerging within the Ethereum ecosystem, the second largest blockchain network after Bitcoin. Ethereum co-founder Vitalik Buterin recently underscored a growing movement towards greater cross-chain compatibility, suggesting a future where the various Ethereum-based networks operate not as isolated islands but as interconnected parts of a unified whole.

This vision was brought into sharper focus by a recent technical update from Optimism, a prominent Layer 2 scaling solution. Optimism unveiled its new "ICrosschainERC20" interface, a standard specifically engineered to facilitate seamless asset transfers across different Layer 2 networks.

"I think people are sleeping on just how much Ethereum infrastructure players really are willing to cooperate and build a unified Ethereum ecosystem," Buterin stated in a recent post on X, highlighting the significance of Optimism's development. He emphasized that this collaborative approach is vital for building a more integrated and user-friendly multi-chain environment.

Cross-Chain Interoperability: The Key to Unlocking Blockchain's Potential

Cross-chain interoperability refers to the ability of different blockchain networks to communicate, share data, and transfer assets with each other. This is achieved through various technologies like atomic swaps, relay chains, and sidechains, which act as bridges between otherwise isolated blockchains.

"Cross-chain interoperability is crucial for the blockchain ecosystem. It allows for the seamless movement of assets and data between different blockchains, enhancing interconnectedness and increasing the liquidity of assets," said Hacken, an international cybersecurity company specializing in blockchain security.

The High Cost of Weak Links: Security Risks in the Cross-Chain World

However, the very bridges designed to connect these disparate digital islands have become targets of sophisticated cyber heists, raising serious concerns.

These attacks, often exploiting vulnerabilities in the intricate code that underpins cross-chain bridges, have resulted in staggering losses. The Ronin bridge hack in March 2022, for instance, saw $624 million siphoned off due to compromised private keys. 

The Wormhole token bridge fell victim to a $320 million exploit in February 2022, the attackers manipulating a deprecated function within the bridge's code. The Nomad bridge hack in August 2022 resulted in over $190 million loss due to a flaw in a routine update. The Horizon and the BSC Token Hub bridge also suffered significant exploits, losing approximately $100 million and $570 million, respectively. 

Mitigating the Risks: Building a Secure Cross-Chain Future

The frequency of these hacks has spurred a concerted effort to address the underlying vulnerabilities. Experts advocate for a multi-pronged approach, focusing on proactive threat mitigation, robust threat response, and comprehensive risk assessment.

Threat mitigation measures should include adhering to best practices in smart contract development, rigorous code testing, and independent audits, and implementing regular security updates, as well as real-time monitoring for suspicious activity.

The road to a truly interconnected blockchain world is still under construction, but each breakthrough brings us closer to a future where digital assets flow as freely and securely as data itself. As the need for interoperability grows, the solutions we build today will define the blockchain landscape of tomorrow—one where borders between networks disappear, and the entire ecosystem is bound together in seamless harmony. 

The question isn't if cross-chain interoperability will reshape the digital world; it's how soon will we get there.