Home NFTs Shiba Inu Stablecoin Inches Towards Completion; Here’s What We Know So Far

Shiba Inu Stablecoin Inches Towards Completion; Here’s What We Know So Far


The Shiba Inu ecosystem has been consistent with its updates as developers have been working hard at it. According to the official Shiba Inu blog post, the primary financial components, Shibarium, SHI and SHIBFE, are underway and shall be soon completed.

The blog post has updated about the ecosystem’s developments which are in alignment with ‘Riyoshi’s Vision’. Riyoshi is the project’s anonymous founder.

Shytoshi Kusama, the lead developer of Shiba Inu has decided to stay tightlipped about the accurate dates and when the developments would be out in the forefront, however, he mentioned in the blog post that he expects to see one or multiple technologies before the end of summer or early fall.

This blog post comes right after Shiba Inu concluded the first and second phases of land sale on the Shiba Metaverse.

Shibarium is SHIB’s layer 2 blockchain for Ethereum (utilizing $BONE) which is considered to be the cornerstone for all other projects that are under development.

SHI is Shiba Inu’s stable coin solution. Regarding the development of the same, the blog post mentions that “Timeline: TBD Finishing development and going into testing soon.” It also mentions that the Shibarium Financial Development is tied closely with SHI development.

Other Information About The Developments

Shytoshi Kusama stated that all four components were in development and are quite close to their completion. He also mentioned about ShibaSwap dex has been functional since July 2021.

Shibarium the layer 2 blockchain for Ethereum is supposed to offer scaling solutions and low fees for ‘projects’.

These projects in concern haven’t been specified clearly in the blog post. Kusama however, spoke of a Hackathon that shall be in place before the completion of these developments.

Additionally, there has been a mention that Ethereum liquidity protocols, including AAVE, Curve, and Compound are expected to fork over onto Shibarium.

Related Reading | Ethereum Whales May Be Bearish Towards Shiba Inu As Balance Drops Below $1 Billion

How Has Shiba Inu Reacted To These Developments

Shiba Inu has bled considerably as the coin plummeted close to 50% in the last week. Over the last 24 hours, SHIB lost 9% and was trading at $0.000011. On-chain metrics could be considered as a concrete way of understanding how the coin has performed amidst a host of developmental news.

Shiba Inu
Shiba Inu’s active addresses have risen in the last 24 hours | Source: Santiment

Shiba Inu’s active addresses seemed to have grown in the past 24 hours which marks an increase in the number of active users. This could indicate a positive sign, however, it is uncertain if the consistent development in the ecosystem is responsible for the same.

Shiba Inu
Shiba Inu’s social volume declined in the last 24 hours | Source: Santiment

 On the social front, Shiba Inu hasn’t performed well over the last 24 hours. The social volume of the coin has declined over the past day. This is an indicator which determines the attention the cryptocurrency has gained over some time and that is helpful to gauge a shift in the coin’s price action.

Going by the above metric, it seems unlikely that SHIB underwent positive change owing to the recent developments.

Related Reading | Study Shows UK Investors Prefer Shiba Inu Over Dogecoin

Shiba Inu
Shiba Inu was priced at $0.000011 on the four-hour chart | Source: SHIBUSD on TradingView

Source link


Please enter your comment!
Please enter your name here