Shytoshi Kusama, the lead developer of Shiba Inu, has announced several critical updates that aim to enhance the network’s capabilities and foster innovation within the community.
He highlighted the upcoming milestone of 1 million transactions on the Shibarium Layer 2 (L2) network in a recent blog post penned by developer Kaal Dhairya.
Shibarium’s Milestone and Growing Adoption
Kaal Dhairya, one of the key developers behind Shibarium, began by extending his congratulations to the ShibArmy community for reaching over 1 million wallets. In the post, he emphasizes the importance of maintaining Shibarium as one of the fastest and most cost-effective layer 2 networks available.
Blockscout Integration and Contract Verification
One of the notable updates on Shibarium is the integration of a hosted version of the Blockscout explorer on Shibariumscan. This integration allows the small protocol team to focus on network upgrades while the Blockscout team ensures the explorer remains operational and the chain is fully indexed.
Developers can now validate contracts on Shibarium using Blockscout’s technology, enhancing transparency and trust within the ecosystem. Dhairya urged developers to use the Blockscout contract verification system, as the team plans to promote projects built on top of Shibarium soon.
Expansion of Token Bridge Capabilities
Dhairya provided the verified WBONE contract address and announced that several additional tokens have been mapped to the bridge. These tokens, visible in the user interface, include USDT, USDC, DAI, WBTC, and XFUND and are now compatible with the Shibarium network. This expansion aims to increase the network’s utility and attract a broader range of developers and users.
Additionally, the Shibarium team is collaborating with third-party bridges to facilitate the bridging of additional tokens into the network. These efforts further enhance the interoperability and accessibility of Shibarium.
Additionally, Kusama added that the Shibarium team plans to renounce the Bone contract and add more validators to the network.
Shibaswap and Future Developments
One of the most highly anticipated updates within the Shiba Inu community is the launch of Shibaswap’s decentralized exchange of the Shibarium ecosystem. Kusama addressed the community’s excitement by explaining that Shibaswap’s release is about the Shiba Inu team and the numerous projects that have been built on Shibarium.
He emphasized the need to give room for other tokens and projects to flourish before the launch of Shibaswap. This approach reflects the team’s commitment to fostering a vibrant and diverse ecosystem.
Amidst the recent developments on Shibarium, the price of the SHIB coin has experienced a retracement. After reaching a 4-month high in August, the price has been on a downward trajectory. The price stands at $0.00000770 with a 24-hour trading volume of $83,067,768.47.
This represents a -1.49% price decline in the last 24 hours and a -3.28% price decline in the past 7 days. With a circulating supply of 590 Trillion SHIB, Shiba Inu is valued at a market cap of $4,540,669,024.