In a significant move, the Shiba Inu community is on the brink of getting a dedicated domain service with the introduction of the Shibarium ID, which is scheduled for an official launch by the end of October. A tweet by the developers confirmed, “Shibarium ID is officially launching in late October. We’re here to help transform the entire SHIB ecosystem.”
Aimed at overhauling the SHIB ecosystem, Shibarium ID promises to deliver a comprehensive identity platform for the rapidly evolving web3 domains.
The platform’s vision was clear from the initial announcement on X (formerly Twitter) on August 31, stating: “.shib Name Service on Shibarium is coming! High Quality UI, Referral Program, Doxxed Team, with our own Built-in Marketplace for your Domain Trading! We’re working towards SHIB’s SSI vision of decentralization! ‘Not your Shib ID? Not your Identity!’ – Shytoshi Kusama.”
This Is What Awaits The Shiba Inu Ecosystem
Shibarium ID’s website further elaborates on its multifaceted functionalities. The platform focuses on creating a centralized discovery hub, allowing users to search across various supported top-level domains (TLDs).
Besides, it facilitates web3 domain registration across multiple chains including ETH, BNB, ARB, and Shibarium mainnet. The domains initially available include .shib, .arb, .bnb, and .eth. Additionally, a specialized domain trading marketplace will be integrated into the platform.
With the end goal of bridging decentralized identities with the physical world, Shibarium ID aims to serve as a universal name service network. The ambition is huge, but the platform is taking determined steps toward achieving it.
Their commitment is further accentuated by their funding source. A tweet from September 1 reveals that Shibarium ID is primarily funded by Poh Digital, a venture capital formed to amplify products within the digital identity industry.
Shibarium ID’s integration with the recently launched Shibarium network is a notable development in the SHIB community. This integration will afford Shibarium users access to another decentralized app on the newly launched network, enriching the SHIB community’s experience with blockchain-based digital identities and domain trading.
It’s an addition that aligns well with Shiba Inu offerings, notably complementing the forthcoming Shiba Hub app. Moreover, the development team has expressed its dedication to the Shibarium ecosystem.
Remarkably, a portion of the fees from domain sales will be channeled into SHIB-related initiatives, including SHIB burns and Doggy DAO contributions.
Related Reading: Shibarium TVL Plunge: What Lies Ahead For Shiba Inu Price?
SHIB Price At Crossroads
At press time, the SHIB price continued to trade just above the crucial support at $0.00000715. The support line on the 1-week chart may be crucial in determining whether SHIB confirms a bullish triple bottom or faces another price slump due to the formation of a descending triangle.
Featured image from Shutterstock, chart from TradingView.com