Shiba Inu Ecosystem Team Highlights SHIB’s Development and Advancement in 2024

The Shiba Inu ecosystem team presented the video during this year's Blockchain Futuristic Conference (BFC), which began yesterday.

Shiba Inu’s official X handle shared a new video highlighting SHIB’s development and advancement in 2024. The Shiba Inu ecosystem team presented the video during this year’s Blockchain Futuristic Conference (BFC), which began yesterday. Shiba Inu was one of the title sponsors of BFC and other blockchain-related conferences, like ETHToronto.

Shiba grows bigger, gets stronger, and never slows…

Be part of the future!

Be part of the Shiba!!!!!!! pic.twitter.com/LZ9kssdTpJ

— Shib (@Shibtoken) August 13, 2024

Shiba Inu’s Overall Performance

In the opening minutes of the video, Shiba Inu’s lead, Shytoshi Kusama, first highlighted SHIB’s growth since its launch on August 1, 2020. The screen displayed that Shiba Inu has witnessed a lifetime increase of 25,000,000% and other massive feats, including 100 million weekly media impressions and over six million social media followers.

Despite plunging to an all-time low (ATL) of $0.00000000005637 on November 28, 2020, SHIB’s price rose to a peak of $0.00008845 exactly two years later.

Major Feats in 2023

After highlighting its overall performance, Kusama provided insights into Shiba Inu’s growth in 2023. According to him, SHIB was the second most searched cryptocurrency in the world in 2023.

He talked about how Shibarium, its Layer-2 blockchain solution, saw widespread adoption shortly after its August 2023 launch. Notably, Kusama boasts that Shibarium recorded over 1.36 million wallets and over 400 million transactions in 2023 alone.

In the same year, Shiba Inu released the SHIB Paper, serving as the cryptocurrency’s constitution, he said.

2024 Recap

After its tremendous performance in 2023, Shiba Inu graced the stage of this year’s edition of BFC to present its progress since the beginning of the year. Shiba Inu highlighted these achievements on the screen with no voiceover.

Shibarium Enhancement

First, Shiba Inu confirmed that Shibarium has welcomed significant enhancements since its 2023 launch. This enhancement helped reduce Shibarium’s bridge time from 7 days to 45 minutes. Also, the upgrade allows Shibarium users to bridge their NFTs to and from Ethereum.

The video confirmed that the development team is working behind the scenes to launch an L3 privacy blockchain on Shibarium. Interestingly, Shibarium’s transaction count soared tremendously this year to over 417 million, boasting an average daily transaction of 1 million. At press time, according to Shibariumscan data, Shibarium’s total transactions stood at 418,054,136 (418.05 million).

Self-Sovereign Identity

Second, Shiba Inu highlighted the introduction of Self-Sovereign Identity (SSI) as one of its achievements for the year. Part of the SSI initiative saw Shiba Inu collaborate with popular domain name startup D3 Global for Shib Name Service. This initiative allows users to own their data fully and only share it with trusted decentralized applications (dApps).

ShibaSwap Upgrade

Shiba Inu disclosed that its DEX, ShibaSwap, received a major upgrade this year, allowing users to easily “migrate their liquidity.” This comes following the DEX’s migration to Shibarium. The upgrade also introduced new features, including additional mechanisms for liquidity pools and a new reward structure.

SHIB Torch

Shiba Inu’s burn mechanism was included as one of the progresses recorded this year. Dubbed SHIB Torch, the project helps reduce Shiba Inu’s circulating supply through burns, with the hope of boosting the value of the remaining tokens. The presentation also revealed how users could burn SHIB to enhance its value potentially.

Shib Marketplace

Introduced last month, Shib Marketplace is a platform that Shiba Inu intends to use to revolutionize digital commerce. Users can trade their non-fungible tokens (NFTs) and create new digital collectibles on the platform.

SHEboshi

Shiba Inu’s 2024 recap will not be complete without insights into SHEboshi, the cryptocurrency’s DN404 NFT collection. Launched as a “companion” to Shiba Inu’s existing NFT Shiboshi, SHEboshi caught the attention of the broader crypto community after it sold out five minutes after its launch in February 2024.

Shiba Eternity

Furthermore, the video highlighted ongoing upgrades on Shiba Inu’s ecosystem game,