Shiba Inu Integration With Chainlink Introduces A New Way To Burn SHIB | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Shiba Inu (SHIB) has taken a significant step toward strengthening its ecosystem through its integration with Chainlink (LINK). The update introduces a new way to burn SHIB directly on Ethereum with every cross-chain transaction. This ensures that the cryptocurrency remains true to its ETH-native roots while expanding its presence across various blockchains

Chainlink CCIP Introduces New SHIB Burn Method

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is now part of the Shiba Inu ecosystem, marking a major move to boost its connectivity and expand utility across multiple networks. This integration not only reinforces SHIB’s position as an Ethereum-native asset but also creates an entirely new mechanism for burning tokens across multiple chains

Related Reading: Shiba Inu Exchange Supply Drops Toward New Lows, What This Means For PriceShiba Inu developer Kaal Dhairya emphasized in an X social media post on August 16 that SHIB’s foundation will always remain on Ethereum, with every move developed and audited in collaboration with the Chainlink team. He also noted that new pathways now exist for builders who want to deploy Shiba Inu on other chains such as Base, XX, or Solana

Moreover, through the Chainlink CCIP version of SHIB, developers can seamlessly move tokens across different blockchains while triggering burns that feed directly back into Ethereum. This ensures that every cross-chain transfer contributes to reducing Shiba Inu’s considerable circulating supply

Dhairya also revealed that this new system was designed not just for SHIB but also for the ecosystem’s tokens, including BONE, LEASH, and TREAT, delivering a comprehensive burn mechanism that benefits all corners of the crypto network. Beyond token burns, Shiba Inu’s official partnership with Chainlink in 2024 has also brought additional technological advancements

Ecosystem tokens like SHIB, BONE, and LEASH have already adopted Chainlink’s Cross-Chain Token (CCT) standard, while ShibariumNet has integrated CCiP as its canonical cross-chain infrastructure. Collectively, these innovations demonstrate that Shiba Inu is not only focused on community-driven token burns but also on building a scalable infrastructure that can compete with leading decentralized networks.

For the Shiba Inu community, the new burn mechanism marks a fresh era of growth and connectivity. Token burns have always been an integral part of Shiba Inu’s long-term value proposition, and the new Chainlink CCIP model streamlines this process, making it more efficient and scalable across multiple networks

Shiba Inu Records Massive Weekly Burn

In a different X post, the Shibburn tracker announced that the past seven days have witnessed a staggering 158.7 million SHIB destroyed, reflecting a surge of over 1,047% compared to the prior week. This rise in burn rate indicates renewed enthusiasm in the community and heightened activity from individuals and projects committed to reducing supply

Related Reading: Shiba Inu To Explode 160% To $0.000035? Machine Learning Algorithm Predicts TimelineIn the last 24 hours, Shibburn also reported that more than 29.3 million SHIB tokens were burned, representing a 4.14% increase in daily destruction rates. CoinMarketCap data shows that SHIB’s price dropped over 4.5% in a single day, yet these burn figures demonstrate the community’s continued commitment to reducing excess supply.

SHIB trading at $0.000012 on the 1D chart | Source: SHIBUSDT on Tradingview.comFeatured image from Getty Images, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.