February 21, 2024 at 12:13 GMTModified date: February 21, 2024 at 12:13 GMT
February 21, 2024 at 12:13 GMT

SHIB dev unveils Shibarium’s pioneering transition to ERC404

Shiba Inu developer has revealed key advancements, addressing the hiccups faced in the SHEboshi NFT release.

SHIB dev unveils Shibarium’s pioneering transition to ERC404

The Shiba Inu ecosystem is taking a significant stride forward with the introduction of the ERC404 standard in Shibarium, marking a pivotal moment in the realm of decentralised finance.

Shibarium is an upcoming layer-2 solution, set to revolutionise the Shiba Inu ecosystem with enhanced transaction speed and reduced costs, alongside other significant upgrades.

The latest update was revealed by the lead developer and contributor to the project, Kaal Dhairya, in a blog posted on 21 February. He also addressed the hiccups faced in the recent Sheboshi NFT launch.

According to the announcement, the implementation of the cutting-edge ERC404 standard is further enhanced by the integration of the more versatile DN404 standard.

Navigating uncharted waters

The ERC404 and DN404 standards are not just technological advancements; they represent a new chapter in Shibarium’s quest for innovation, said Dhairya in the blog.

The team’s venture into these unexplored territories was driven by a desire to unlock the full potential of decentralisation, aiming to provide unparalleled utility to their community. 

The adoption of these standards has already yielded impressive results, catapulting Shibarium to the number one spot on OpenSea. This is a remarkable achievement considering it has yet to debut on Uniswap or Shibaswap. 

Overcoming unexpected hurdles

When the Sheboshi NFT was recently launched, it saw a technical glitch that temporarily allowed for additional minting. This led to a whirlwind of transactions amounting to 652 $ETH in less than five minutes. 

The Shibarium team swiftly addressed the issue, demonstrating their commitment to transparency and efficiency. 

In a statement, they extended their “sincerest apologies for any surprise or inconvenience this may have caused”, reassuring the community of their dedication to overcoming obstacles and moving forward.

In response to this hiccup, Shibarium has now taken decisive steps to ensure fairness and integrity. By leveraging the ERC404 standard’s dynamic supply feature, the total number of Sheboshis has been increased from 12,000 to 20,000. 

This adjustment ensures that all snapshot holders can claim and mint their Sheboshis. Furthermore, unclaimed NFTs will be made available to $LEASH holders, reinforcing the team’s dedication to rewarding its loyal community members.

Transparent allocation of proceeds

The unexpected sales have not detracted from Shibarium’s core mission. The team has also outlined a transparent allocation of proceeds.

This includes 50% dedicated to strategic burns of $SHIB, $BONE, $LEASH, $TREAT, and $SHI tokens which would reduce supply and add value for its holders.

Contributions are being made to non-profits, including efforts in Japan, the Manny Pacquiao Foundation, Women in Blockchain, and more, as chosen by the community, while also supporting the project’s foundational pillars. 

A portion of the funds will be used to provide liquidity to the project. “This is our way of giving back and making it up to the community, ensuring a stable and prosperous ecosystem for ERC404/DN404 token enthusiasts”, said the team.

The remaining funds are earmarked for operational expenses and the treasury, furthering Shibarium’s journey towards a decentralised future.

The lead developer ended the announcement with a promise to explore new horizons with the ERC404 and DN404 standards to redefine the landscape of decentralised finance.

Despite facing unforeseen challenges, the team is dedicated to its community, as it said, “This unexpected event has only bolstered our spirit and our commitment to innovation, learning, and community growth. We’re more motivated than ever to continue on this journey with you, our Shib Army.”

Last year, Shibarium had made headlines for hitting a new milestone by reaching over 90 million in total transactions. It had only launched earlier that year. 

Transactions on the L2 took a peak at the start of December when it went from a daily average of around 17K in November to over 5 million the next month. At the time of press, the figure stood at 4.21 million.