Is Shiba Inu Gaining Legitimacy? Updates On Layer 2 Shibarium, SHI Stablecoin, And ShibaSwap DEX

Shiba Inu (CRYPTO: SHIB) has been making numerous strategic advances to enhance its ecosystems, including its Layer 2 Shibarium and its stablecoin set to release this year.

What Happened: The famous meme coin Shiba Inu has grown by over 50,000,000% in the past 2 years. Witnessing an immense bull run earlier last year, Shiba Inu’s community has been making numerous advancements to its ecosystem.

ShibaSwap is the decentralized exchange for Shiba’s community. It constitutes three primary tokens, SHIB, LEASH (CRYPTO: LEASH), and BONE (CRYPTO: BONE). SHIB token serves as the network’s primary token, currently trading at $0.00001083, while the LEASH token is an incentivised token on the ShibaSwap DEX. Furthermore, the BONE token serves as the ecosystem’s governance token.

Within a day of the DEX’s launch last year, it exceeded liquidity of $1 billion. However, following the recent market crash, the current Total Value Locked (TVL) on the DEX is $33.57 million.

Last month, the Shiba Inu community also stated its plans to launch its Layer 2 scaling solution, Shibarium. The L2’s public beta will occur sometime in Q3 2022. This endeavor looks to minimize transaction fees for token holders.

As stated by The Unification Foundation, “The Shibarium Public Beta Testnet is planned for deployment in Q3, to coincide with the FUND Testnet upgrade which includes the much anticipated IBC/Gravity/wFUND updates.”

See Also: Aave Touts New Decentralized Stablecoin GHO

The community further plans to launch its own stablecoin named SHI, as revealed by Shiba developer Shytoshi Kusama. This announcement comes in a post-Terra (CRYPTO: LUNA) landscape, with heightened anxieties surrounding stablecoins.

The community further revealed plans to launch a reward token, namely TREAT. Additionally, the community has been creating its own metaverse project, comprising 100,000 digital real estate land plots.

Thus, despite the recent crash in the crypto market and Shiba Inu down over 87% from previous all-time highs, the community is continually expanding its ecosystem. With a metaverse, an L2 scaling solution, a stablecoin, and a reward token all in the works for later this year, the memecoin could be a strong candidate to survive through a crypto bear market.