Shiba Inu, the second-largest memecoin project, is gearing up for significant advancements, as revealed by marketing leader Lucie. The team has announced the development of a new Layer-3 blockchain network and various new tokens, marking a pivotal move towards expanding their ecosystem. Despite ongoing efforts, SHIB’s performance has lagged behind other memecoins.
Why is Shiba Inu Expanding?
This initiative follows a substantial $12 million investment in April, earmarked specifically for the Layer-3 platform. Reports suggest that these fundraising efforts have achieved valuations as high as $200 million. Lucie highlighted the ecosystem’s growth and mentioned the introduction of two new tokens, TREAT and SHI, which promise to bring innovative decentralized applications to the table.
The upcoming Layer-3 blockchain will be built on Shibarium, an existing Ethereum Layer-2 network, incorporating Fully Homomorphic Encryption (FHE) through a collaboration with Zama, an open-source cryptography firm. This technology will enable developers to process data securely without decryption, adding a new layer of security to the network.
What Criticisms Does Shiba Inu Face?
Despite the ambitious plans, the Shiba Inu community has voiced concerns over the rapid pace and scope of development. A community member expressed frustration, questioning the necessity of a Layer-3 network before completing the Layer-2 network. This sentiment reflects a broader apprehension about the project’s strategy and priorities.
Community Sentiments and Concerns
– Community members are divided between anticipation and frustration.
– Concerns about the project’s rapid expansion and focus.
– Comparisons with other memecoins like Pepe, Dogwifhat, and Bonk.
Lucie’s announcements come at a crucial time as Shiba Inu remains 80% below its all-time high, despite a 65% increase since the beginning of the year. Other memecoins such as Pepe, Dogwifhat, and Bonk continue to outperform SHIB, adding to community frustration. Another community member criticized the focus on multiple tokens, suggesting it detracts from SHIB’s growth and token burn strategies.
In conclusion, Shiba Inu’s ambitious plans for a new Layer-3 blockchain and additional tokens signal an attempt to revitalize the project and create real-world utility. However, the community’s mixed reactions highlight the challenges the project faces as it strives to balance innovation with sustainable growth.