Shiba Inu plans to take new steps to improve its ecosystem. Marketing leader Lucie shared details about a new layer-3 blockchain and several new tokens. This is indicative of efforts to make the Shiba Inu's ecosystem more tangible and comprehensive.
However, despite all these innovative initiatives, SHIB has fallen short of expectations compared to many other meme coins.
Shiba Inu's New Development Plans Are Criticized
Lucie explained Shiba Inu's expansion strategies and two new tokens:
“Our ecosystem offers vast potential with our tokens and innovative decentralized applications such as SHIB, LEASH, BONE, SHEB, Shiboshis, ShibtheMV and soon to be introduced TREAT and SHI. “One of the most exciting developments will be the creation of our own layer-3 blockchain.”
This statement attracted attention with the information that Shiba Inu received a $12 million investment for its layer-3 platform in April. This investment caused the platform's valuation to rise to as much as $200 million.
According to Lucie, the future layer-3 blockchain will be built on top of the existing Ethereum layer-2 Shibarium and will include Fully Homomorphic Encryption (FHE) integration. This encryption method will offer developers the opportunity to process data securely without the need for decryption, and the collaboration will be carried out with an open source cryptography company called Zama.
These developments are consistent with efforts to address real-world use of the Shiba Inu. In December 2023, developer Shytoshi Kusama shared her goals to expand beyond the meme coin.
However, this rapid expansion has been criticized by some community members. Concerns have been raised that the pace and scope of development has been questioned.
“Our biggest problem is this: One moves on to another project without completing one job. Why are we moving on Layer-3 without completing Layer-2? Finish the current project first,” one community member expressed these concerns.
Lucie's announcements come at a time when the Shiba Inu is still about 80% off its all-time highs.
Since the beginning of the year, the Shiba Inu's value has increased by 65%. However, new meme coins Pepe (PEPE), Dogwifhat (WIF) and Bonk (BONK) continue to outperform SHIB.
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