Shiba Inu (SHIB), the second-largest meme coin, is advancing with new projects despite mixed community reactions and recent underperformance compared to other meme coins. Lucie, Shiba Inu's marketing lead, announced plans for a layer-3 blockchain and new tokens, aiming to build a stronger ecosystem.
Lucie emphasized the ecosystem's growth with new tokens and a layer-3 blockchain. “Our ecosystem offers endless possibilities with tokens like SHIB, LEASH, BONE, SHEB, Shiboshis, ShibtheMV, and soon TREAT and SHI. The most exciting is our own L3,” Lucie stated.
Despite these efforts, SHIB faces criticism and performance concerns. The token has lagged behind other meme coins, and some community members are frustrated with the project's pace and scope. A common complaint is the focus on new initiatives before completing existing ones. “We jump to new things before finishing the current ones. What is L3 before L2 is finished?” a community member questioned.
The layer-3 blockchain initiative follows a $12 million investment in April for this platform. Fundraising efforts have led to valuations of $200 million. The new layer-3 blockchain, built on the Ethereum layer-2 blockchain Shibarium, will use Fully Homomorphic Encryption (FHE) for secure data processing, collaborating with Zama, an open-source cryptography firm.
Shiba Inu aims to bring real-world utility to its ecosystem. In December 2023, developer Shytoshi Kusama shared a vision of moving beyond memes. However, the rapid expansion and new plans have been met with skepticism within the community. Concerns include the project’s ability to deliver on promises and the potential for overextending resources.
Lucie’s announcements come when Shiba Inu is about 80% down from its all-time highs. This has led to a mix of excitement for new developments and frustration over current strategies. “This is why I switched to Bonk coin. Shiba Inu has too many coins but won’t focus on SHIB. They don’t burn tokens or increase the auto burn,” another frustrated community member commented.
Despite the criticism, Shiba Inu’s marketing lead is optimistic. The introduction of new tokens like TREAT and SHI, along with the layer-3 blockchain, is seen as a move toward a more utility-driven ecosystem. Lucie believes these efforts will benefit the community with diverse, decentralized applications and opportunities.
In summary, Shiba Inu is making significant changes to expand its ecosystem and increase its utility. However, the project faces challenges in managing community expectations and delivering on promises. The new tokens and the ambitious layer-3 blockchain aim to secure Shiba Inu’s place in the crypto world despite criticism and performance issues.
