Shiba Inu’s (SHIB) key developer Kaal Dhairya has dug deep into the specifics of SHIB’s upcoming expansion to other chains. The cross-chain abilities occur with Chainlink’s CCIP framework, on which Shibarium developers hammered away to make the interoperability come to life.
Shiba Inu Goes Cross-Chain On One Condition
This gives way for Shiba Inu coin (SHIB) to arrive on Coinbase’s Base chain, as well as other popular major chains like Solana (SOL). While the mainstream dog-themed meme coin will always remain an Ethereum (ETH) native, expansion to other chains could drive up SHIB’s liquidity to unprecedented levels.
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However, Shibarium’s dev Mr. Dhairya emphasized that releasing Shiba Inu (SHIB) token on foreign chains would be exploitative, so developers who are building on SHIB on other chains ought to give something back to SHIB’s native Shibarium.
By building decentralized applications (dApps) on Shibarium L2, members can contribute towards uniting the community and get rewarded through the new Karma system. Shibarium’s self-custodial digital identity is set to go live upon the Layer-3’s launch, which was announced last year.
Shibarium Celebrates Two-Year Anniversary
Celebrating two years since inception, Shibarium L2 has pushed towards high-yield staking opportunities with the K9 Finance DAO, as this project remains the leader by total value locked (TVL). Other noticeable projects are ShibaSwap, as well as other decentralized exchanges, such as WoofSwap, ChewySwap, DogSwap, Shibex & MARSWAP.
Most of these have contributed towards Shiba Inu’s (SHIB) burn over the years, while WoofSwap was given an honorable shout-out by SHIB’s Marketing Lead Lucie S. in the celebratory message. Once rocking a $11 million total value locked (TVL), Shibarium unites over 268K users who made over 1.538 billion transactions in the meantime.
The Geishas of Shibarium, a one-of-a kind digital art piece collection, also received a special thanks along with the HypeIt.App platform, enabling on-chain dwellers to convert their creative & unique content into on-chain rewards in Bone ShibaSwap (BONE). With $3.28 million in TVL on lock, Shibarium’s liquidity is yet to rebound to late 2024 levels, topping $11 million.
That’s highly correlating with Shiba Inu coin’s (SHIB) market value, as the meme coin topped $0.0000133 in mid December, 2024 knocking at a $20 billion market cap, according to CoinGecko’s independent price data aggregator.
Now trading at $0.000128, the popular meme currency is relying on crypto whales for a breakthrough towards $0.000014, but the target is challenged with hefty profit taking, according to the negative figures in the 4-hour Chaikin Money Flow (CMF).
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Shibarium is Shiba Inu’s layer-2 blockchain, designed to make transactions faster and cheaper than on Ethereum. It boosts SHIB’s utility by supporting DeFi, NFTs, and dApps, aiming to make the ecosystem more scalable and attractive.
A cross-chain future means Shibarium will connect with other blockchains, like Ethereum, Binance Smart Chain, or Polygon. This allows assets & data to move seamlessly across networks, increasing SHIB’s interoperability and use cases.
Cross-chain functionality could drive SHIB’s price higher by attracting more users and developers to Shibarium, increasing demand for SHIB. Analysts suggest a potential rise to $0.0001 or more if adoption grows, though volatility remains a factor.
Shibarium must tackle technical complexities, like ensuring secure bridges between blockchains, and compete with established layer-2 solutions like Arbitrum. Regulatory hurdles and maintaining user trust during upgrades are also key challenges.
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