Here’s How Shiba Inu Devs Plan to Expand Shibarium Utility

Forbearingly waiting for the auto-burn engine to go live, Shibarians enter a new era with an all-around digital identity.

Shiba inu and his Dev are working on some things.
Created by Kornelija Poderskytė from DailyCoin
  • SHIB marketing lead unfolds a plan to bolster utility for Shibarium L2.
  • Devs are testing an auto-burning mechanism set to go live in January.
  • SHIB’s decentralization quest aims to bring data control back to the users.

Shiba Inu (SHIB) continues to outgrow its memecoin status, as the Layer-2 scaling system Shibarium is making waves in decentralized finance (DeFi). In the latest update by SHIB Token’s Lucie S, the marketing lead affirmed Shibarium’s plans to onboard approximately 1,000 new projects shortly.

Currently, the Shibarium L2 activity revolves around the community’s artistic non-fungible token (NFT) projects, decentralized exchanges (DEXs), and other dApps. Planning to host another 1,000 community projects on-chain, Shibarium now encompasses $808,810 in total value locked (TVL), according to DefiLlama data.

Community developers have been known to bring a lot to Shiba Inu’s table. For example, MARSWAP DEX leads the pack with $458,020 in TVL, dominating 56.63% of Shibarium’s DeFi space. The project developers have implemented a 2% tax on every transaction on MARSWAP to help the SHIB burning process.

SHIB Auto Burns: A Game Changer?

Shibarium’s developer team was confirmed to work on an automatic SHIB burning mechanism. This would magnify the process of SHIB burns, as demonstrated by Shibarium devs in December. The initial three manual SHIB burns from cumulative fees on Shibarium’s network contributed towards 25B SHIB coins eliminated from circulation.

Further on, Shibarium developers confirmed that they deployed the SHIB auto-burning mechanism on Shibarium’s ‘puppynet’ testnet on January 23, 2024. While the official date for the Shibarium burn to go live on the mainnet has not been given, the SHIB Army expects the SHIB burn accelerator to launch by the end of this month.

SHIBDentity: Digital Identity Uniting Generations of Internet

2024 is set to be the year for Shiba Inu’s Ecosystem to fulfill its decentralization goals, as seen by the introduction of Shiba Name Service (SNS) last year.

SHIB joined forces with the D3 Global domain name start-up to apply for a Top Level Domain (TLD). If accepted, this would allow all SHIB Army members to use memorable .SHIB suffixes across social media, email clients, hosting providers, and other websites on both traditional Internet and Web3.

The DeFi-focused vision was reinstated in early 2024 by SHIB Token on Twitter, as the yearly credo stated: “to integrate SHIB names seamlessly into the internet’s fabric.” Serving as a universal key across websites, these customizable .SHIB suffixes are open for pre-registration via D3 Global’s official site.

The vibrant community of Shiba Inu holders unites 3.7 million followers on X, 145,000 members on Discord, 89,000 on Telegram, and 488,000 on the SHIB Army’s subreddit. While no other crypto community has been granted access to a top-level domain, the SHIB Army has a fair chance because of the high demand from the growing number of Shibarians.

On the Flipside

  • Plenty of SHIB Army members on X argue that millions of SHIB burned per day are “not nearly enough.”
  • Obtaining a Top Level .SHIB domain is a long and arduous process due to DNS-compatible requirements.

Why This Matters

Decentralization is a key part of the fintech industry, while crypto projects expanding their utility range are more attractive as long-term investments.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.