Shiba Inu Team Says It’s Just Getting Started With DeFi

Shiba Inu (SHIB) is eyeing a more significant role in the decentralized finance (DeFi) market, according to a statement from the project’s lead developer, Shytoshi Kusama.

Shiba Inu Eyes Bigger Role in DeFi

In a tweet on December 16, Kusama stated that the recent launch of Shibarium, an Ethereum layer-2 blockchain, is just the beginning of the project’s DeFi ambitions.

And we are just getting started!

— Shytoshi Kusama™ (@ShytoshiKusama) December 16, 2023

Kusama’s statement comes in response to a CoinDesk X (formerly Twitter) post that listed the SHIB community as one of the most influential crypto figures in 2023.

In the post, CoinDesk recognized the launch of Shibarium as a sign that memecoins are more than a joke in DeFi.

Shiba Inu DeFi Endeavours

To expand its reach further into the DeFi market, the Shiba Inu team launched the Shibarium project in August 2023. The Ethereum layer-2 scaling blockchain, which provides a more cost-effective and scalable platform for DeFi applications, was designed for the Shiba Inu ecosystem.

Just a few months after launch, the Shibarium experienced rapid growth and received wide reception from industry and traditional projects. Recently, the blockchain achieved a significant milestone by crossing 100 million transactions. The achievement follows a recent surge in network activity, peaking at 7.36 million daily transactions.

The project has also attracted the attention of some traditional players. Last month, Coinfomania reported that the Manny Pacquiao Foundation (MPF) plans to leverage the blockchain for fundraising and other operation needs.

Meanwhile, aside from Shibarium, the Shiba Inu team had also made several other notable advancements in the DeFi space. In 2021 (nearly a year after Shiba Inu’s launch), the project developers launched ShibaSwap, a DeFi platform featuring a decentralized exchange (DEX) that allows users to swap multiple tokens, provide liquidity, and earn governance tokens dubbed BONE. Each of these services revolves around Shiba Inu. 

Shiba Inu has come a long way in the crypto sector just a few years after its conception. The community-driven project, created as a joke in 2020, has quickly transitioned into one with utility and contender in the DeFi market.