Chainlink Welcomes New Memecoins to Its Network

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.

Memecoins Join the Chainlink Ecosystem

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.

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.

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.

Cross-Chain Assets

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.

Benefits of Offering on Multiple Networks

Offering on various networks increases visibility and distribution for a token, helping drive investment and usage among network users.

LINK Token Performance

Chainlink’s LINK tokens rose on Monday, beating a 2% drop in Bitcoin (BTC) in the past 24 hours.

Conclusion

The addition of new memecoins to the Chainlink network is a significant step towards increasing the visibility and distribution of these tokens. With the ability to offer on multiple networks, these tokens can now reach a broader audience, potentially driving increased investment and usage.

FAQs

• What is Chainlink Cross-Chain Token (CCT)?
  Chainlink Cross-Chain Token is a standard for cross-chain assets offered and protected by Chainlink’s security.
• How do lock-and-mint and burn-and-mint mechanisms work?
  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.
• What are the benefits of offering on multiple networks?
  Offering on various networks increases visibility and distribution for a token, helping drive investment and usage among network users.