Exploring Top Projects Building on the Shibarium Ecosystem
By Noah Washington October 27, 2023
- On August 16, 2023, Ryoshi, the anonymous founder of the Shiba Inu token (SHIB), launched Shibarium, a layer 2 network on the Ethereum blockchain
- Shibarium features a metaverse, DEX, blockchain games and various projects, aiming to become an efficient settlement layer for decentralized finance (DeFi)
- Notable projects within Shibarium's ecosystem include a web3 gaming, a launchpad an upcoming NFT marketplace and a lending protocol
- Shibarium's ecosystem incentivizes users with a burn mechanism, where SHIB tokens are burned for every transaction
On August 16, 2023, Ryoshi, the anonymous founder of the Shiba Inu token (SHIB), launched Shibarium to improve the experience of investing in the Shiba ecosystem. The two primary purposes of Shibarium are to lower gas fees and increase the speed of transactions. As a layer 2 network on the Ethereum blockchain, Shibarium transfers some of the transaction data to the second chain.
Shibarium contains a metaverse, a decentralized exchange, blockchain games and a number of other projects. It aims to establish itself as an affordable and efficient settlement layer for decentralized finance (DeFi) applications. For example, ShibaSwap, the decentralized exchange (DEX) for the SHIB token, was launched in July 2021. ShibaSwap presents an avenue for SHIB holders to swap tokens and participate in liquidity pools.
Shibarium has an ecosystem in place, and now it needs some badass projects - here are some of the most promising.
Shibburn: Seeing the Burn
Initially, Shibarium founder Ryoshi wanted to have no or low gas fees. High fees are one of the concerns for projects on the Ethereum mainnet. As of October 2023, Shibarium still has gas fees, which typically appear to jump when usage increases.
Still, the expansion of user base and activity may ultimately help the ecosystem. This is because Shibarium burns SHIB tokens for every transaction that takes place. Holders of SHIB, LEASH, a staking token to allow holders to earn rewards and BONE, a utility token to pay developers, can track the "burn rate." This is the rate at which coins are removed from circulation. The community uses "burn trackers" to accomplish this goal. One of the favorite burn trackers is a community-driven burn tracker called Shibburn.
Shibcraft: Web3 Gaming
Shibcraft is a Web3 game that involves searching for private keys in a metaverse. Players compete with people from all over the world to find 64 key characters before other users. The goal is to "sweep the wallet," a term that means sending a set amount of a cryptocurrency from one location to another.
Shibcraft integrates Shiboshis, individual tokens belonging to a 10,000 non fungible token (NFT) collection. Each Shiboshi is a unique pixel art Shiba avatar. Shibcraft also integrates Shib YARD NFTs. These NFTs are a set of parcels of virtual land stored as NFTs. The two sets of NFTs make the Shiba Inu dog and graphics relating to it central to the gaming experience.
DogPadFinance: The Launchpad
DogPadFinance, also known as DogPad, was initially launched on Ethereum. DogPad became part of the Shiba Inu ecosystem in April 2023.
DogPad functions as a launchpad for Shibarium. This means it is a platform to encourage activity in the Shiba Inu ecosystem. It offers the ability to launch IDOs, which are a Shibarium version of the ICO. DogPad currently burns SHIB and BONE tokens. The project offers audits and KYC, which it claims makes the platform "unruggable."
Pawzaar: NFT Marketplace
Pawzaar is set to be an NFT marketplace built for the Shiba Inu ecosystem. It will send a percentage of every transaction to the $SHIB burn address.
The purpose of Pawzaar will be to encourage the creation, sale and exchange of Shiba Inu-related NFTs. For example, Pawzaar will facilitate the purchase of Shiboshis and Shib YARD NFTs. Pawzaar will have a PawZone team that will assist artists who want to create new NFT collections and offer them for sale. The PawZone team is interested in encouraging joint projects and helping artists with marketing campaigns. It will also guide them on navigating the Shibarium network.
Canis: Crypto Loans
As of October 2023, Canis is still in development as a lending protocol for the Shiba Inu ecosystem. A lending protocol makes it possible for holders of a cryptocurrency to lend their tokens to other users through crypto loans. The lender can earn interest on the amount that they lend. The actions are facilitated through smart contracts.
NFA Labs is the developer of Canis. This will serve to encourage lending in the Shiba Inu ecosystem. In doing so, it will contribute to the growth of the community.
The current and "coming attractions" for Shibarium promise more activity and opportunities for investment in 2024. Investors are watching this ecosystem to see if gas fees will experience sudden jumps, as they did in September 2023. They are also monitoring the burn rate for the ecosystem's different tokens.
Enthusiasts for the Shiba Inu ecosystem, named the "Shiba Army," are very active in increasing momentum. They are highly likely to promote and share a number of other projects. Investors can expect these to have a creative, supportive and "burn-minded" spirit. Having more projects promoted like the ones highlighted here is certainly a great start for a young meme-filled crypto ecosystem.