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HomeCrypto NewsMarketShiba Inu Lead Says SHIB Is “Just Getting Started” in DeFi

Shiba Inu Lead Says SHIB Is “Just Getting Started” in DeFi

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The Shiba Inu ecosystem’s venture into the DeFi space has just begun, according to well-respected lead developer Shytoshi Kusama.

Since launching in 2020, Shiba Inu has evolved from a memecoin project to one of the most robust ecosystems in the cryptocurrency industry.

The launch of the Shibarium network in August marked yet another milestone that earned Shiba Inu’s project lead, Shytoshi Kusama, a place on a prestigious list of the most influential crypto figures in 2023.

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In acknowledging the award, Shytoshi Kusama paid tribute to the SHIB community for their active support. At the same time, the enigmatic leader noted that the launch of Shibarium is just an early step and the Shiba Inu community is “just getting started” with its adventure into the DeFi space.

In its early days, Shibarium has already enjoyed remarkable success. The team has already initiated the first and second burns with gas fees on the network. The project also recently surpassed 100 million transactions in four months, making it one of the most widely used chains in the ecosystem.

Meanwhile, the Shibarium DeFi ecosystem has attracted sizable capital. According to data from DeFiLlama, the project has nearly $900,000 locked across different protocols, with a majority deposited on decentralized exchanges.

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Shiba Inu to Show the World the Power of Decentralization

In addition to doubling down on DeFi, Shytoshi Kusama also expressed Shiba Inu’s intent to demonstrate the true power of decentralization. 

Apparently referring to Shibarium’s early success and the resurging crypto markets, Shytoshi Kusama remarked, “I look forward to showing the world that decentralization is the key to onboarding the next billion users into a grown-up version of Web3.” 

Admittedly, the Shiba Inu ecosystem is already one of the most valued in crypto, with native asset SHIB having a market cap of $5.86 billion. The token is trading at $0.000009922 at the time of writing, a 7% decline that reflects the broader bearish state of the crypto market at the start of the new week.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Unifred
Unifred
Unifred is an avid crypto reporter with more than a decade of experience covering the industry. He considers it a privilege to spread mainstream awareness about this exciting technology that will underpin the future of finance.

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