Shiba Inu has been continuously improving its ecosystem. Shibaswap, was launched in 2021, a decentralized exchange designed specifically for SHIB tokens. With the debut of Shiberium last month, the Shiba Inu (SHIB) token has experienced spectacular price changes. Shiba Inu developers announced in an update on Monday that the Metaverse, a project that increases the utility of the Shiba Inu ecosystem, is expected to launch by December of this year.
Table of Contents
What is Shiba Inu, and why was it created?
Shiba Inu is one of the well-known meme coins, which are digital currencies tied to themes like the Shiba Inu dog. Shiba Inu is sometimes introduced as a satire or inside joke rather than a digital product with practical use. Ryoshi, a mysterious person or organization, developed Shiba Inu in August 2020. Shiba Inu is an Ethereum-based ERC-20 token, it is created on and hosted by the Ethereum blockchain, instead of its blockchain.
The value of SHIB is “primed and ready to eclipse the value of Dogecoin,” said Ryoshi, which is why it has the title “the Dogecoin killer.” Ryoshi continues by saying that even if SHIB never reaches $0.01, its popularity and usefulness will cause it to be proportionally more valuable than Dogecoin.
Ryoshi claimed that Shiba Inu is “the Dogecoin killer” because its worth is “primed and ready to surpass the value of Dogecoin.” In Ryoshi’s opinion, SHIB will be worth proportionally more than Dogecoin even if its price never reaches $0.01 because of its usability and notoriety.
What is ShibaSwap? ShibaSwap 2.0 is on the way?
ShibaSwap is a decentralized exchange (DEX) that focuses primarily on the SHIB, LEASH, and BONE tokens, which are part of the Shiba Inu ecosystem. It has advanced significantly in the DeFi sector since its release in July 2021.
With the use of smart contracts and an automated market maker (AMM), the ShibaSwap exchange enables traders to swap assets automatically without the use of order books or exorbitant trading costs. It takes its cues from Uniswap, the original and most well-known platform. The key distinction, however, is the six-month lock restriction for 67% of cryptocurrency investments, which ensures maximum liquidity. Investors can make money by locking their assets.
Shiba Inu project leader Shytoshi Kusama recently alluded to the arrival of ShibaSwap 2.0 in a Telegram message, writing, “Ignore anything that says otherwise.”
The Shiba Inu token (SHIB) cryptocurrency community is expecting the new features and enhancements on the updated platform with great enthusiasm as a result of this news.
The community anticipates a lot of improvements and innovations with ShibaSwap 2.0, while specifics have not yet been made public. There may be several of them, including enhanced security, faster transaction times, and greater token support.
Shiba Inu is anticipated to further establish its foothold in the expanding DeFi market with the release of the ShibaSwap 2.0 update.
Layer-2 Network Shibarium strengthens Shiba
Shibarium the layer-2 solution for the Shiba Inu ecosystem seeks to facilitate quicker and more effective transactions, hence enhancing the overall functionality of the Shiba Inu (SHIB) network. Shibarium will produce extra MEME coins as a scaling solution, and these coins will be utilized for transactions on the Shiba Inu (SHIB) ecosystem.
Shibarium is registering an impressive surge in adoption rate, as observed in the metrics of its beta testnet, Puppynet. Shibarium’s beta version, as of May 02, had completed more than 4,686,941 transactions successfully, according to blockchain explorer BlockScout. This PUPPYNET explorer indicates that there are now 14,051,832 wallet addresses utilizing Shibarium beta.
The gas fee is currently 2.0 Gwei, which is almost free. On Shibarium’s testnet, the quantity of wallets and transactions has increased by more than 1490% and 5272%, respectively.
Shiba announces updates about the Metaverse project
Shiba Inu said in a blog post on April 11 that SHIB – The Metaverse will be accessible by the end of 2023. After that, users will be able to visit some of the virtual world’s areas.
Even though not all aspects of the Metaverse will be finished by the end of the year, users will be able to make use of essential tools that will help them create, customize, and sell their products to develop their online identity.
A new, dedicated Twitter account called @mvshib has also been created, according to Shiba Inu, where all correspondence and official updates about the SHIB – The Metaverse project will now be shared.
Shiba Inu’s newest hub for the metaverse project, The Rocket Pond, recently announced that it will soon unveil its complete design. In their tweet, the team also urged the general public to contact them with any inquiries they might have concerning MV.
SHIB released the eye-catching concept graphic for its Rocket Pond Metaverse project in September after asking its members what they wanted to see or do in Rocket Pond.
Shiba Inu’s upcoming partnership
Famous Artist Scott Page and Shiba Inu to Collaborate
To create several NFT-based projects soon, the Shiba Inu ecosystem and PawZone will collaborate with renowned American musician Scott Page.
A recent revelation from Page was given in a video by JD, a well-known member of the Shiba Inu community and the creator of PawZone. In the 30-second video, Page can be seen addressing JD and the Shiba Inu community with excitement about an upcoming partnership with the SHIB ecosystem and PawZone.
Netherlands-based Crypto Payment Gateway NOWPayments collaborates with Shiba Inu Ecosystem
The principal developer of Shiba Inu, Shytoshi Kusama, responded favorably to NOWPayments’ request for the alliance. The payments platform also stated that by constructing on the Shiba Inu Layer-2 platform, the two parties will together increase the usage of cryptocurrencies.
Shiba Inu’s (SHIB) Shibarium Tech and the well-known cryptocurrency payments platform NOWPayments have established cooperation. NOWPayments hopes to increase platform usage by making this step to expand on Shibarium.
Shibarium’s Layer-2 users will have access to a secure payment gateway that accepts a variety of cryptocurrencies.