Shiba Inu began its journey as an unpopular meme coin with no utility but has evolved into a prominent player in the Decentralized Finance (DeFi) space.
This evolution is underscored by the development of Shibarium, its layer-2 scaling solution on the Ethereum network. However, the Shiba Inu community feels Vitalik Buterin, Ethereum’s founder, has not fully acknowledged Shibarium’s achievements.
Shiba Inu’s Rise and Shibarium’s Introduction
Despite its humble meme coin origins, Shiba Inu (SHIB) has secured a position among the leading cryptocurrencies. The Shiba Inu team has continuously strived to move beyond its meme coin status, building a robust decentralized ecosystem. A key component of this ecosystem is Shibarium, a layer-2 network designed to address the scalability challenges faced by the Ethereum blockchain.
Shibarium launched in August 2023 and boasts significantly lower transaction fees compared to Ethereum mainnet. Its competitive fees and speed position Shibarium as an attractive option for users seeking a cost-effective way to interact with the Shiba Inu ecosystem.
Buterin Ignores Shibarium
Recently, Buterin highlighted the Dencun hard fork, an Ethereum upgrade to reduce gas fees on layer-2 networks. To illustrate the impact of Dencun, Buterin presented a list of prominent layer-2 solutions and their associated fee.
This list included established networks that stand to benefit from Dencun’s fee reduction potential. However, a notable omission from the list was Shibarium, despite its demonstrably low transaction fees.
This exclusion sparked a reaction from the Shiba Inu community. Rha (@mirrramenn), a community member, called for Buterin to recognize Shibarium alongside other leading layer-2 solutions. Community members pointed out Shibarium’s low fees and questioned the rationale behind its exclusion. However, Buterin has yet to respond to any comment from the aggrieved community members.
put shibarium @ShibariumNet on the list. shibarium is also part of eth layer 2 . come on vitalik!
— Rha.. (@mirrramenn) March 30, 2024
Buterin’s Past Interactions with Shiba Inu (SHIB)
Buterin’s past interactions with Shiba Inu (SHIB) offer some insight into his perspective on the project. He has previously expressed surprise at the significant amount of SHIB tokens held by major exchanges. Additionally, Buterin acknowledged underestimating the project’s potential when he received a large portion of SHIB’s circulating supply in 2021.
Read Also: State-of-the-Art Machine Learning Algorithm Sets Shiba Inu (SHIB) Price For September 30, 2023
He anticipated the token to follow the fate of other meme coins and subsequently burned most of the holding and donated the rest to charity. However, SHIB defied expectations and has exhibited surprising resilience within the market.
The Shiba Inu community’s call for recognition reflects their belief in Shibarium’s potential as a major layer-2 network within the Ethereum ecosystem. With its focus on scalability and cost-effectiveness, Shibarium holds promise for facilitating wider adoption of the Shiba Inu ecosystem and decentralized finance.
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