Shiba Inu (SHIB) is setting its sights on a more prominent role in the decentralized finance (DeFi) market, as stated by the project’s lead developer, Shytoshi Kusama. Kusama expressed in a tweet on December 16 that the recent launch of Shibarium, an Ethereum layer-2 blockchain, is just the beginning of the project’s ambitions in DeFi. This statement was made in response to a post by CoinDesk X (formerly Twitter), which recognized the SHIB community as one of the most influential figures in the crypto industry in 2023. CoinDesk acknowledged the launch of Shibarium as evidence that memecoins are more than just a joke in DeFi.
In order to 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 a few months of its launch, Shibarium experienced rapid growth and received widespread recognition from both industry and traditional projects. Recently, the blockchain achieved a significant milestone by surpassing 100 million transactions. This accomplishment follows a recent surge in network activity, with daily transactions peaking at 7.36 million.
Furthermore, the project has 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. Apart from Shibarium, the Shiba Inu team has made several other notable advancements in the DeFi space. In 2021, almost a year after the launch of Shiba Inu, the project developers introduced ShibaSwap, a DeFi platform featuring a decentralized exchange (DEX) that enables users to swap multiple tokens, provide liquidity, and earn governance tokens known as BONE. All of these services revolve around Shiba Inu.
In just a few years since its inception, Shiba Inu has made significant progress in the crypto sector. Initially created as a joke in 2020, this community-driven project has swiftly evolved into one with practical utility and has emerged as a strong contender in the DeFi market.
