The developers behind the popular meme coin Shiba Inu have unveiled ambitious plans to rapidly expand the ecosystem for their Layer 2 scaling solution, Shibarium. According to marketing lead Lucie, the goal is to onboard over 1,000 projects onto Shibarium, positioning the network as a major player in the crypto scaling solutions space.
This announcement comes as Shibarium continues to gain traction after its full launch in August 2022. Several decentralized finance (DeFi) projects such as MARSWAP, ChewySwap, DogSwap, PunkSwap, Shibex, WoofSwap, LeetSwap, Woof Finance, BoneDex, and Ball Exchange have already joined or expressed interest in joining Shibarium. The addition of K9 Finance (K9 token) to the network further highlights its appeal.
Major crypto exchanges like Gate.io and GroveX have also stepped up to support Shibarium, driving adoption and usage. Lucie emphasized the importance of forging strategic partnerships with leading crypto firms to establish Shibarium as a dominant Layer 2 solution.
So far, the technical performance of Shibarium has been remarkable. The network is processing between 1.7 million to 7.5 million transactions per day over 7 consecutive weeks, crossing a total of 300 million transactions. It has also minted over 2.8 million blocks while maintaining an average block time of just 5 seconds.
However, the total value locked (TVL) on Shibarium has seen fluctuations despite the high transaction volume. The TVL hit a peak of $1.3 million after launch but has since declined to around $803,084 at press time, reflecting the broader crypto market downturn impacting Shibarium and its associated tokens.
In response to the volatility, Lucie has advised the Shiba Inu community to remain patient and resilient during this period of uncertainty. She recommended practicing due diligence and only investing amounts that investors can afford to lose given the inherent risks in crypto markets.
This measured guidance aligns with Shibarium’s focus on maintaining investor confidence and safety alongside rapid growth. While ambitious expansion plans signal a positive trajectory, the team’s emphasis on community education and risk awareness demonstrates their commitment to building a sustainable, responsible ecosystem.
Shibarium Growth Follows Broader Shiba Inu Ecosystem Expansion
Shibarium’s growth comes on the heels of significant expansion across the entire Shiba Inu ecosystem over the past year. Key highlights include:
- Launch of the Layer 2 Shibarium network itself to help scale Shiba Inu transactions.
- Introduction of treat tokens BONE and TREAT to encourage participation in Shibarium.
- Burn portal launch burning over 410 trillion SHIB tokens worth billions.
- Updates to the ShibaSwap decentralized exchange with new features.
- Growth of the Shib burn playlist on music streaming platforms.
- Continued merchant adoption with AMC Theatres accepting SHIB payments.
- Partnerships with global brands like Welly’s restaurant and John Richmond fashion.
The team credits community passion as the driving force behind this ecosystem growth. They aim to maintain this momentum in line with their 1,000 project onboarding goal for Shibarium.
Shibarium Use Cases: DeFi, NFTs, Metaverse and More
Shibarium aims to support diverse use cases beyond just payments, including:
- Decentralized Finance (DeFi): Permissionless lending, trading, staking pools.
- Non-Fungible Tokens (NFTs): Minting and trading Shiba-themed NFT collectibles.
- Metaverse Integration: Virtual world building and asset creation.
- GameFi Platforms: Play-to-earn and move-to-earn games with blockchain rewards.
Onboarding 1,000 projects will help expand these use cases while providing a real-world testing ground for the network. Developers can also build their own apps and services on top of Shibarium’s low fee, high throughput environment.
The Shibarium roadmap outlines plans to eventually evolve into a DAO structure governed entirely by the community. This will enable collective decision making and funding allocation leveraging the SHIB, LEASH, and BONE tokens.
For now, the team remains focused on strengthening the base layer performance and security of Shibarium while expanding utility and adoption. Their 1,000 project goal signifies huge aspirations to make Shibarium a mainstream solution for speed, affordability and accessibility.