Shiba Inu (CRYPTO: SHIB) edged higher on Tuesday as it became the first meme coin to be listed on the leading cross-chain decentralized finance protocol, Folks Finance.
Cross-Chain Trading For SHIB
SHIB's official X handle confirmed that the coin will now be available for lending and borrowing on Folks Finance, letting holders earn yields or use their tokens as collateral across multiple blockchains.
The cross-chain functionality is enabled by Chainlink's (CRYPTO: LINK) Cross-Chain Interoperability Protocol — a standard that allows developers to build applications that can send tokens and messages across the blockchain.
Folks Finance also announced the listing, calling SHIB "the first memecoin with cross-chain lending markets.
See Also: Coinbase To Launch Futures Offering Combined Exposure To ‘Mag 7’ Stocks, Bitcoin And Ethereum ETFs
Shiba Inu’s Engagements With Chainlink
This isn't the first time Shiba Inu has utilized Chainlink's technology to expand its ecosystem.
Late last year, ecosystem tokens, such as SHIB, Doge Killer (LEASH), and Bone ShibaSwap (CRYPTO: BONE) adopted the Cross-Chain Interoperability Protocol standard, making them available across twelve different blockchains.
There was no significant surge in SHIB’s burn rate in reaction to the development. According to the official tracker, only 71,685 SHIBs were removed from circulation in the last 24 hours, marking an increase of 2.63%.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001236, up 0.67% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has plunged 41%.
At the last check, LINK was trading up 0.61% to $23.39.
Photo Courtesy: vlastas on Shutterstock.com
Read Next:
