TL;DR
- Neiro on Ethereum (NEIRO) has partnered with ChainLink to become a multi-chain token, allowing the transfer of tokens between Ethereum and Base.
- The integration with CCIP replaces traditional bridges, improving transaction security and providing more reliable oracle data.
- Despite its expansion, it faces competition in the memecoin market, with its supply concentrated in a few hands and a market capitalization of $43 million.
Neiro on Ethereum (NEIRO) has announced its integration with ChainLink to become a multi-chain token, expanding its presence beyond Ethereum.
Through ChainLink’s Cross-Chain Interoperability Protocol (CCIP), NEIRO will be able to move between the Ethereum and Base networks, allowing users to transfer tokens between these two chains. This integration will also bring more reliable oracle data for NEIRO transactions, improving its reliability in the market.
Neiro has now upgraded to the @chainlink standard for cross-chain interoperability across @base and @ethereum!
By upgrading NEIRO to the Cross-Chain Token (CCT) standard via Chainlink CCIP, we can expand our reach across the multi-chain ecosystem. https://t.co/EJGnh50O86 pic.twitter.com/0LG7Or898N
— Neiro On Ethereum (@NeiroOnEthereum) December 23, 2024
The use of CCIP replaces traditional bridges that connect different chains, which are considered riskier due to their vulnerability to attacks. With this new infrastructure, the memecoin aims to offer a more secure and robust experience for users interacting with the token. In addition to these chains, the CCIP protocol also connects other important networks such as Arbitrum, Optimism, BSC, and Avalanche, expanding the options for its use in various blockchain ecosystems.
Why Isn’t NEIRO Growing?
However, NEIRO must contend with a highly competitive memecoin market, where other similar cryptocurrencies have achieved more organic growth. Additionally, the token’s supply remains highly concentrated in the hands of a few players. An example of this is Wintermute, a market maker that owns more than 12% of the tokens, a centralization risk that could hinder its widespread adoption.
Despite the control by large investors, the market capitalization of NEIRO on Ethereum remains relatively low, reaching $43 million . This puts it at a disadvantage compared to other meme tokens that have already surpassed $500 million in market value. This situation has led developers to seek new ways to increase visibility and user participation.
With the expansion to the Base network, Neiro aims to attract new users by leveraging the features of this chain, such as its low transaction fees. However, competition will remain fierce, and the token will need to find a way to stay relevant in the memecoin landscape.
