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Offering on various networks increases visibility and distribution for a token, helping drive investment and usage among network users.
By Shaurya Malwa|Edited by Sheldon Reback
Dec 23, 2024, 1:23 p.m. UTC
What to know:
- Several popular memecoins were added to a number of Chainlink services over the weekend.
- Added tokens include shiba inu (SHIB), Simon’s Cat (CAT) and mog coin (MOG).
- Offering on various networks increases visibility and distribution for a token, helping drive investment and usage among network users.
Several popular memecoins were added to a number of Chainlink services over the weekend, allowing them to be offered on other networks or as data streaming services.
In the past few days, Shiba Inu (SHIB) and its ecosystem tokens, Turbo (TURBO) and Apu (APU), adopted the Chainlink Cross-Chain Token (CCT) standard to become available across 12 blockchains, making them accessible on networks other than where they were originally issued.
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On Sunday, tokens Simon’s Cat (CAT), Coq Inu (COQ), goat (GOAT), Hamster Kombat’s HMSTR and mog coin (MOG) joined a list of assets on Chainlink’s decentralized data streams.
These streams use an oracle model where market data is continuously available off-chain. Such data can be accessed and then cryptographically verified on-chain when needed.
CCTs are cross-chain assets offered and protected by Chainlink’s security. A 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.
Offering on various networks increases visibility and distribution for a token, helping drive investment and usage among network users.
Chainlink’s LINK tokens rose Monday, beating a 2% drop in bitcoin (BTC) in the past 24 hours.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM,
BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
