Shiba Inu will launch a new network and stablecoin called SHI

The Shiba Inu (SHIB) team aims to build a new network and considers launching a stablecoin to improve the project.

This was announced by one of the project’s main developers, aka Shytoshi Kusama, who shared on Shiba Inu’s Medium account part of the plans they are contemplating carrying out in the medium term, reaffirming their commitment to the project and giving continuity to the ideals of Ryoshi, the main developer who disappeared several weeks ago from the public scene, whose plan he described as “solid and able to survive most problems.”

Shiba Inu Network: Shibarium

Shytoshi originally announced Shibarium, a second-layer Blockchain network for the Shiba Inu project.

Shytoshi said that Shibarium would be a vital component for the Shiba Inu ecosystem since it will enable asset movement at a cheaper cost of GAS (BONE), allowing microtransactions.

The project member said the X-Fund team had made remarkable progress. New developers have been hired to overhaul the UX/UI and web portals.

Shibarium is close to entering public beta, therefore interested parties should watch for developments.

Shiba Inu stablecoin

The second noteworthy statement was about SHI, the stablecoin for the Shiba Inu ecosystem, which will launch in 2022.

Shytoshi said an independent development group is working on SHI, so they have a partial stablecoin that “avoids the pitfalls other protocols have posed.” He underlines that it will be an experimental endeavor that will enable the currency to balance payments without price swings.

This is notable given what occurred with previous stablecoins, such as UST (now USTC), which used an algorithmic basis and was backed by LUNA (now LUNC). This didn’t prevent it from losing parity with the US dollar in the face of the crypto market’s slump, thus its collapse destroyed Terra’s ecology, which still hasn’t recovered despite taking steps to fix the problem.

The creator of the new stablecoin said a more complete study would be provided later, but it will be released this year.

Image: Shiba Vectors by Vecteezy