data replication in dependent microservices and cache accordingly in each microservice to reduce latency

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Is it a right strategy to replicate common shareable data in each microsevice database schema using event driven architecture to reduce service calls that led to improve latency and along with cache this data in every microservice to reduce database call that led to improve performance.

If we use share cache strategy for common shareable data

  1. Should every microservice create their own cache key for common data?
  2. Should every microservice use same key to access common data then how we can share cache key with microservices so that It should not break while we update cache key remotely.

Can anyone suggests other approaches to make it more efficient in terms of having priority for latency and fault tolerance.

Any suggestion or article link to lookout for better view points also be appreciated.

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