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Crypto: Shiba Inu (SHIB) announces major DeFi ambitions

Fri 04 Aug 2023 ▪ 4 min of reading ▪ by Mikaia A.
Getting informed DeFi

What’s new at Shiba Inu? For now, the ShibArmy is eagerly awaiting the advent of Shibarium, the SHIB-friendly Ethereum layer 2. And why not the elimination of a few zeros from the current DogeKiller price? If the latest news is to be believed, the team behind this memecoin claims to have taken steps to hoist the Shiba Inu ecosystem to the forefront of the DeFi scene. Here’s the lowdown!

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Shiba Inu advocates legitimacy

Currently trading at $0.000 008 a coin, SHIB is a long way from reaching the 1 cent so eagerly awaited by the community. Despite memecoin’s sluggish fortunes, investors are not wavering. Its growing popularity among Americans is proof of this.

According to CoinDesk, the developers of Shiba Inu have no intention of yielding ground to other memecoins that have recently arrived in the crypto-phere. In fact, they are going to ensure that this very popular project has a certain level of legitimacy with serious investors and governments alike.

Thus was born the idea of linking blockchain-based digital identity verification to all applications on the Shiba Inu platform. Soon, users will be able to use Self-Sovereign Identity (SSI) in the Shibarium as a passport or digital identity document.

The Shiba Inu ecosystem will tie all the applications to a blockchain-based digital identity to strengthen trust among shib (SHIB) users and governments”, a Shiba Inu spokesperson tells CoinDesk columns.

In this way, SHIB will lose its memecion status, and at the same time become a major player in decentralized finance (DeFi).

“Digital trust” as a guiding principle

SSI deployment has become a priority for Shiba Inu developers who have gained experience in community projects. These may belong to SHIB owners and users, or to people wanting to deploy on the Shibarium.

“We are laying the groundwork for a new global standard in decentralized digital trust and international identity verification. In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced”, asserts Shytoshi Kusama, Shiba Inu’s lead developer.

In Canada, as in the European Union, questions of digital identity and data protection have been on the rise of late.

Is this what prompted Sam Altman, author of Worldcoin, to accelerate his project for identity verification via the human eye?

As for Shibarium, no official date has yet been announced. There are rumors of a July launch. This has led to significant price increases for SHIB, TREAT, BONE and LEASH. All of them represent vital tokens in the Shiba Inu ecosystem.

And speaking of trust, S. Kusama needs to keep a close eye on the security aspect of his platform. Michael Egorov has paid a heavy price for this recently. His mistake: he minimized the security of his DeFi protocol, Curve Finance.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.