Shiba Inu Team Affirms DeFi Journey has Merely Begun
Shiba Inu (SHIB) is setting its sights on a more prominent role in the decentralized finance (DeFi) market, according to a statement by the project’s lead developer, Shytoshi Kusama.
Kusama’s tweet on December 16 revealed that the recent launch of Shibarium, an Ethereum layer-2 blockchain, is just the beginning of the project’s DeFi aspirations.
This statement from Kusama was prompted by a CoinDesk X (formerly Twitter) post that recognized the SHIB community as one of the most influential figures in the crypto world in 2023.
CoinDesk acknowledged the launch of Shibarium as evidence that memecoins are not just a joke in the DeFi space.
In order to further expand its presence in the DeFi market, the Shiba Inu team introduced the Shibarium project in August 2023. This Ethereum layer-2 scaling blockchain was specifically designed for the Shiba Inu ecosystem, providing a more cost-effective and scalable platform for DeFi applications.
Within just a few months of its launch, Shibarium experienced rapid growth and gained widespread acceptance from both industry and traditional projects. Recently, the blockchain reached a significant milestone by surpassing 100 million transactions. This achievement follows a recent surge in network activity, with daily transactions peaking at 7.36 million.
The project has also caught the attention of traditional players. Last month, Coinfomania reported that the Manny Pacquiao Foundation (MPF) plans to utilize the blockchain for fundraising and other operational needs.
In addition to Shibarium, the Shiba Inu team has made several other notable advancements in the DeFi space. In 2021, almost a year after Shiba Inu’s launch, the project developers introduced ShibaSwap, a DeFi platform that includes a decentralized exchange (DEX) allowing users to swap various tokens, provide liquidity, and earn governance tokens called BONE. All of these services are centered around Shiba Inu.
Shiba Inu has made remarkable progress in the crypto industry just a few years after its inception. Originally created as a joke in 2020, this community-driven project has quickly transformed into a utility-driven contender in the DeFi market.
