In a detailed update, Lucie, a well-known member of the Shiba Inu team and marketing head has outlined several key developments and achievements for the project in 2024. The successful introduction of Shibarium, Shiba Inu’s ground-breaking layer-2 blockchain solution intended to improve scalability and transaction efficiency, was one of Lucie’s many highlights of the noteworthy progress accomplished thus far.
These advancements highlight Shiba Inu’s continuous dedication to expansion and innovation, setting the project up for long-term success in the rapidly changing cryptocurrency market.
Major Developments For Shiba Inu In 2024
Shiba Inu team member, Lucie started with the Shibarium blockchain solution. Lucie noted that since the solution was introduced it has advanced significantly, improving the scalability and efficiency of the Shiba ecosystem.
Launched in August 2023, the blockchain marked a significant step for the project’s ecosystem, attracting millions of users during its first few weeks. Shibarium aims at tackling scalability, which was one of the main issues facing the Shiba Inu ecosystem.
With a sharp reduction in transaction prices, Shibarium seeks to ease customers’ long-standing complaints about Ethereum’s high gas expenses. This presents a positive image, suggesting that Shibarium may establish Shiba Inu as a strong challenger for DeFi.
SHIBdentity is the next development pointed out by the marketing lead. The team introduced the initiative to usher in a new era of digital identity. It aims at giving users full control of their digital identity by employing valid credentials that can be verified and trustworthy authentification.
Moreover, it provides real-time communication, spam reduction, and private peer-to-peer chat. In order to provide human-readable names and foster friendly messaging, SHIBdentity will need to communicate with Shib Name Service (SNS).
The next key development is the introduction of Shiba Inu’s SHEboshis Non-Fungible Tokens (NFT) collections. For those interested in NFTs, these collections pave the way for the development of hybrid tokens that provide shared ownership and uniqueness.
SHEboshi collections consist of 20,000 unique arts, launched as a DN404/ERC-404 token on the Ethereum network. It is important to note that SHEboshis, which embodies creativity, art, and the spirit of the SHIB community, marks a bold step into the future.
Upcoming Layer 3 Blockchain
Lucie also underscored the project’s much-anticipated Privacy-Focused Layer 3 Blockchain Development. This layer 3 blockchain intends to improve user privacy by enabling computations on encrypted data without the need for decryption.
So far, the team has managed to raise $12 million in funding to develop the blockchain. As part of the investment round, the yet-to-be-released TREAT was sold to a group of venture capital firms that included Animoca Brands, Polygon Ventures, Big Brain Holdings, and Shima Capital, among others.
Lucie further emphasized that Shiba Inu’s attendance at the Token2049 conference in Dubai was another significant achievement for the project this year. Midway through April, Shiba Inu took part in the event as a gold sponsor.
Lastly, the marketing lead underlined the integration of ShibaSwap, the native decentralized exchange (DEX) of the Shiba Inu ecosystem on the Shibarium blockchain. A key component of this integration is to improve the capacity of users to directly impact the ecosystem of the solution by generating new liquidity pools for the tokens they desire.
Featured image from iStock, chart from Tradingview.com
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