Shiba Inu’s ambitious project, Ryoshi, has encountered a roadblock. Initially slated for release in Q1 2024, a slight delay has pushed the mainnet launch to the second quarter of 2024. The project’s official handle stated that the decision underscores its commitment to ensuring the sustainability and top-notch performance of the platform. Notably, users and developers can still utilize the Ryoshi Testnet for transactions and dApp deployment.
Designed to empower users with enhanced utility, the Ryoshi mainnet promises to pave the way for seamless transactions and gas fee payments using Shiba Inu. Despite the delay, the team remains steadfast in its goal of unlocking a new era of utility for the meme token ecosystem.
We understand that this may come as a disappointment to our community, and we want to express our heartfelt gratitude for your patience and support. Shib is based on decentralized values, with community contributions taking the lead in all our development endeavors. With this core value in mind, we continue to collectively work and push towards the mainnet release.
Being the earliest Polygon CDK chains, the strategic move to implement a custom gas token would pave the way for the broader adoption of SHIB. According to Ryoshi, utilizing SHIB as gas would provide a gateway to the full spectrum of the web3 landscape, including DeFi, NFTs, GameFi, name services, meme coins, staking, and governance. This represents a monumental step forward, offering Shiba Inu users the tools to explore new frontiers and possibilities, as the team stated in an earlier report.
Shiba Inu Burn Rates Soar
Additionally, the SHIB-centric project announced its plan to launch its governance token, although an exact timeline for the release is yet to be known.
Meanwhile, Shiba Inu concluded the first quarter of the year with impressive burn statistics and notable market activity. Shibburn data revealed that over 5 billion SHIB tokens were destroyed across 217 transactions in March, with a monthly burn rate of 2330%, resulting in a significant reduction in the token’s supply. These actions highlight ongoing efforts within the SHIB ecosystem to manage token circulation and potentially drive up its value.