Shytoshi Kusama, the pseudonymous leader of the Shiba Inu (SHIB) project, has explained why he has been pretty quiet recently.
Shiba Inu, a decentralized cryptocurrency initiative, is inspired by the viral Shiba Inu dog meme. Positioned as a Dogecoin alternative, it operates on the Ethereum blockchain.
The Shiba Inu (SHIB) ecosystem encompasses three distinct tokens, each with a specific function. SHIB, the principal token, operates as a community-driven, decentralized currency available to millions globally. Launched in the final quarter of 2020 via the Ethereum blockchain, SHIB has attained worldwide recognition and serves as a means of payment at many locations, directly or through intermediary services.
BONE, the ecosystem’s token for governance, boasts a total supply of 250,000,000 and empowers the Shib Army to have a say in decision-making. This is accomplished through voting on proposals via the Doggy DAO. Furthermore, BONE lays the foundation for Shibarium, the ecosystem’s proprietary Layer 2 network.
Lastly, LEASH, capped at a total supply of 107,646 tokens, rewards the ecosystem’s dedicated followers by providing exclusive perks and privileges. LEASH holders have enjoyed benefits such as incentivized BONE rewards for contributing liquidity to ShibaSwap, exclusive rights to mint Shiboshi NFTs, and priority access to land sales within the “SHIB: The Metaverse project”.
Shibarium is the layer 2 blockchain designed to address the shortcomings of the SHIB token’s host chain Ethereum, namely low speed and high transaction cost. It is currently in beta testing.
On 24 April 2023, according to the chat on the official Shibarium Telegram group “Shibarium Tech”, Kusama expressed excitement about working with an incredible team to achieve what was once thought impossible.
On the same day, when he was asked to provide an update on Shibarium via a Medium blog post, Kusama made it clear that he and the rest of the Shibarium team are in “go mode” and do not have time to worry about constantly communicating the project’s latest status.
As evidenced by the blockchain explorer BlockScout, as of 3:15 p.m. UTC on 30 April 2023, the Shibarium beta has efficiently processed more than 4,637,678 transactions. Information from the Puppynet explorer reveals that the count of wallet addresses interacting with the Shibarium beta has climbed to 14,047,357. At this juncture, the gas fees stand at 2.0 Gwei, making transactions virtually costless.