In a significant effort to transition from a meme coin to a cryptocurrency with substantial utility, Shiba Inu has rolled out three new features to its network. The updated documentation on the SHIB network includes “Build on Shibarium,” “Become a Validator,” and “Bridge Assets” sections, designed to boost the network’s functionality and engagement.
With these new features, the Shiba Inu network is making it clearer for users and developers on how to leverage the various aspects of the platform. The introduction of “Build on Shibarium” can attract developers to create decentralized applications (dApps) on Shibarium, the SHIB network’s layer-2 blockchain, aiming to foster an ecosystem that supports a wide range of projects and services.
Another vital update is the detailed guide on how users can become Shibarium validators. This new process aims to enhance the security and decentralization of the SHIB network, as validators play a crucial role in verifying blocks and transactions. With these guidelines, Shiba Inu is opening the doors for its community members to participate directly in network governance and security, incentivizing a more decentralized operation.
The third feature update involves “bridge assets,” allowing users to transfer digital assets between Ethereum and Shibarium conveniently. The comprehensive information on the Token Bridge functionality in the updated documentation suggests that Shiba Inu is working towards ensuring seamless interoperability between different blockchains, which is a fundamental aspect in the world of decentralized finance (DeFi).
Despite these progressive updates, Shibarium has faced a recent slowdown in development. Only 5,740 new blocks have been processed lately, marking a significant 70% decrease in activity from the day before. The slow pace raises concerns about the network’s capacity to maintain consistent growth and development.
In terms of market performance, Shiba Inu’s trading price currently stands at $0.00001687, representing a 1.49% decline over the last 24 hours, alongside a sharper 32% dip over the past month. This price movement suggests that, while the network is expanding its utility, investor confidence may still be swayed by broader market trends and development paces.
These initiatives by the Shiba Inu network are a strong indication of the ongoing effort to broaden the utility and strengthen the infrastructure of meme coins in the cryptocurrency market. As Shiba Inu continues to build and adjust its features, it will be vital to watch whether these developments can enhance the network’s robustness and attract a broader user base, thereby influencing its market standing in the long term.
