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Shiba Inu May Become a Failover Gas in the Ethereum Network

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by Giorgi Kostiuk

a year ago

A blockchain analyst considers Shiba Inu could play a significant role in the Ethereum ecosystem as a layer-2 solution.

The Importance of Shiba Inu in the Ethereum Ecosystem

The analyst notes that Shiba Inu, the network behind the SHIB memecoin, possesses the necessary traits to become a failover gas token on the Ethereum platform.

Characteristics of Shiba Inu

According to the analyst, Shiba Inu acts as a decentralized blockchain token with no management team and is the second-highest market-capped token on Ethereum after Ether.

Comparison with Other Protocols

The analyst compared Shiba Inu with other protocols in the Ethereum network. Solana employs two layer-2 solutions for EVM compatibility, while XRPL uses Ethereum smart contracts for the same purpose.

The analyst believes Shiba Inu has the potential to become a significant part of the Ethereum network as an alternative gas option, enhancing the platform's decentralization and resilience.

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