Shiba Inu, the popular cryptocurrency, showcased its advancements in 2024 during a presentation at the Blockchain Futuristic Conference (BFC). The presentation was also shared on the meme coin’s official X account and outlined significant milestones attained throughout the year.
Shibarium Expansion
A primary focus of the presentation was the expansion of Shibarium, Shiba Inu’s Layer-2 blockchain. Enhancements of the platform have reduced bridge times from seven days to a mere 45 minutes, enabling the transfer of non-fungible tokens (NFTs) between Shibarium and Ethereum.
Notably, Shibarium has processed over 418 million transactions since its launch, with 1.82 million wallets using Shibarium. The team also announced the ongoing development of an L3 privacy blockchain to be integrated into Shibarium.
Self-Sovereign Identity and ShibaSwap
Shiba Inu has made strides in user data control by introducing Self-Sovereign Identity (SSI). In collaboration with D3 Global, the project has developed SHIB Name Service, empowering users to own and manage their data.
The ShibaSwap decentralized exchange (DEX) has also improved significantly after it moved to Shibarium in May. A major upgrade facilitated liquidity migration and introduced new features such as enhanced liquidity pool mechanisms and a revised reward structure.
Tokenomics and Ecosystem Growth
The presentation highlighted the SHIB Torch, the auto-burn mechanism that was launched recently and designed to reduce Shiba Inu’s circulating supply. Additionally, the newly launched Shib Marketplace aims to revolutionize digital commerce by enabling NFT trading and creation.
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The SHEboshi NFT collection, a companion to the original Shiboshi NFTs, was a notable success, selling out within minutes of its launch.
Furthermore, the Shiba Eternity game continues to evolve with the addition of new cards, rewards, and an upcoming transition to the Shibarium blockchain.
The team is working to move the game over to Shibarium and also teased the development of new games, Agent Shiboshi and Shiboshi Rush.
Overall Performance and Future Outlook
Since its inception in 2020, Shiba Inu has experienced remarkable growth, with a lifetime price increase of over 1,000,000%. Despite market challenges, the meme coin has maintained a strong presence, sitting confidently as the second-largest meme coin and eyeing Dogecoin’s top spot.
The Shiba Inu team celebrated notable projects like the SHIB Magazine, the SHIB Hub, and SHIB: The Metaverse. These initiatives and the advancements outlined in the presentation, demonstrate the project’s commitment to innovation and growth.
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