In a detailed update, well-known Shiba Inu team member and marketing manager Lucie describe several key developments and achievements for the project in 2024. The successful introduction of Shibarium, Shiba Inu’s revolutionary layer 2 blockchain solution intended to improve the scalability and efficiency of transactions, was one of the many highlights Lucie’s strengths in the remarkable progress achieved so far.
These advancements highlight Shiba Inu’s continued commitment to expansion and innovation, setting the project up for long-term success in the rapidly evolving cryptocurrency market.
Major developments for Shiba Inu in 2024
Member of the Shiba Inu team, Lucy started with the Shibarium blockchain solution. Lucie noted that since the solution’s introduction, it has progressed significantly, improving the scalability and efficiency of the Shiba ecosystem.
Launched in August 2023, the blockchain marked an important milestone for the project’s ecosystem, attracting millions of users in its first weeks. Shibarium aims to solve scalability, which was one of the main problems facing the Shiba Inu ecosystem.
With a sharp reduction in transaction prices, Shibarium seeks to assuage long-standing customer complaints about Ethereum’s high gas expenses. This presents a positive picture, suggesting that Shibarium could make Shiba Inu a serious competitor for DeFi.
SHIBdentity is the next development highlighted by the marketing manager. The team launched the initiative to pave the way for a new era of digital identity. It aims to give users full control over their digital identity using valid credentials that can be verified and reliable authentication.
Additionally, it allows real-time communication, spam reduction, and private peer-to-peer chat. In order to provide human-readable names and promote user-friendly messaging, SHIBdentity will need to communicate with Shib Name Service (SNS).
The next key development is the introduction of Shiba Inu SHEboshis non-fungible token (NFT) collections. For those interested in NFTs, these collections pave the way for the development of hybrid tokens offering shared ownership and uniqueness.
The 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, who embody the creativity, art and spirit of SHIB community, marks a bold step towards the future.
Upcoming Layer 3 Blockchain
Lucie also highlighted the project’s highly anticipated privacy-focused Layer 3 blockchain development. This layer 3 blockchain aims to improve user privacy by enabling calculations on encrypted data without the need for decryption.
So far, the team has managed to raise $12 million to develop the blockchain. As part of the investment round, the yet-to-be-launched TREAT was sold to a group of venture capital firms including Animoca Brands, Polygon Ventures, Big Brain Holdings and Shima Capital, among others.
Lucie further highlighted that Shiba Inu’s participation in the Token2049 conference in Dubai was another important achievement for the project this year. In mid-April, Shiba Inu participated in the event as a gold sponsor.
Finally, the marketing manager highlighted the integration of Shiba exchange, the native decentralized exchange (DEX) of the Shiba Inu ecosystem on the Shibarium blockchain. A key part of this integration is to improve users’ ability to directly impact the solution’s ecosystem by generating new liquidity pools for the tokens they want.
Featured image from iStock, chart from Tradingview.com
