Shiba Inu (CRYPTO: SHIB) has made headlines this week as it becomes the first meme coin to be integrated into Folks Finance, a leading cross-chain decentralized finance protocol. On its official X handle, SHIB announced that it will now facilitate lending and borrowing capabilities, greatly enhancing the utility of the token for its holders. This means that users can not only earn yields on their SHIB holdings but can also use their tokens as collateral across multiple blockchain networks.
The cross-chain functionality for Folks Finance is powered by Chainlink’s (CRYPTO: LINK) Cross-Chain Interoperability Protocol, a development that allows developers to build applications capable of facilitating seamless token and messaging transfers across different blockchains. The listing of SHIB on Folks Finance was celebrated by the protocol, which termed it a pioneering step as “the first memecoin with cross-chain lending markets.”
This is not SHIB’s first foray into using Chainlink technology. In fact, towards the end of last year, Shiba Inu’s ecosystem tokens—including LEASH (Doge Killer) and BONE (Bone ShibaSwap)—adopted the Cross-Chain Interoperability Protocol standard, thereby making them accessible across a total of twelve different blockchains. However, despite this significant development, there has not been a pronounced increase in the burn rate of SHIB tokens. Recent data shows that only 71,685 SHIBs were removed from circulation over the last 24 hours, reflecting a modest uptick of 2.63%.
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