Just 24 hours after the alleged meme coin, Shiba Inu’s decentralized finance (DeFi) launched, the platform surpassed $1 billion in total value locked (TVL). This has pushed Shiba Inu out of the meme coin space, with its developers telling the world that it is here for serious business.
What you should know
Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” The alleged meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk, CEO of Tesla and Vitalik Buterin, the founder of Ethereum.
The project is looking to get out of the meme coin rhetoric, as it has launched its DeFi platform, fully equipped with its own swap interface, yield farm and budding decentralized autonomous organization structure. This platform has now launched on the Ethereum network.
Ethereum gas fees had been near unprecedented lows since the Berlin upgrade, but the launch of ShibaSwap resulted in a noticeable uptick in gas costs because of the excitement in the Shiba community. According to EtherScan, the day the swap site launched, three SHIB-related contracts combined generated more than $1.7 million in fees.
Shiba Inu has its total value locked on the platform surpass $1 billion just one day after its launch. This announcement was made through the official Twitter account of the Shiba Inu token. The token is now ranked in the top 30 in terms of total value locked, according to data from Defi Llama.
What this means
This goes to show that Shiba Inu has moved from its meme coin status to a DeFi platform that has a good use case and a decentralized exchange, holding more TVL than known DeFi leaders like QuickSwap, MDEX and Binance’s Belt Finance.
The launch of its swap site is evidence of this. Now investors will no longer associate Shiba Inu with meme coins as it is here to pioneer DeFi and make it more mainstream.
The token is trading at $0.000007635, down 3% for the day, as of the time of writing this report.
Read More: nairametrics.com