ShibChain, the rival of Shiba Inu, has recently been launched on the Polygon’s Chain Development Kit (CDK). According to reports, ShibChain operates as an Ethereum L2 protocol and uses Shiba Inu’s native token SHIB for gas fees. Each transaction on the network would be charged 300 SHIB ($0.003) and processed at a rate of 2000 Transactions Per Second (TPS). This initiative comes four months after the launch of Shibarium, a layer 2 solution aimed at increasing transaction speed and reducing costs in the Shiba Inu ecosystem.
ShibChain allows Shiba Inu enthusiasts to use their tokens for various services such as games, Non-fungible tokens (NFTs), and Decentralized Finance (DeFi). Despite expectations that Ethereum would be the chosen protocol, Polygon emerged as the preferred destination. SHIB will serve as the currency for all applications on the ShibChain protocol, bringing utility to the Shiba Inu ecosystem.
Polygon Labs recently announced that Flipkart, an Indian e-commerce company, plans to utilize its CDK-deployed Layer 2 chain for its Web3.0 loyalty program FireDrops. This partnership aims to accelerate the development of an Ethereum-based zero-knowledge (ZK) L2 network. FireDrops envisions a future where users with a track record with a brand can unlock larger rewards, gain early access to discounted products, and earn rewards in creative ways.
Polygon has decided to shift its resources from the Edge framework to the Chain Development Kit (CDK). CDK has been in high demand among various projects, including OKX, Astar, Canto, Palm Network, Aavegotchi, IDEX, Nubank, and Manta Network, as they target it for their layer 2 network developments. This move is expected to provide an advantage over the Edge framework.
The price of Polygon (MATIC) has reacted positively to these developments, with a surge of 8.7% in the last 24 hours, trading at $0.851568. However, it has declined by 2% in the last seven days. Shiba Inu has also experienced a price surge of 1.8% in the last 24 hours, trading at $0.000011, with a weekly growth of 6% and a market cap of $6,204,830,999.
In summary, ShibChain has been launched on the Polygon’s Chain Development Kit (CDK), providing Shiba Inu enthusiasts with a platform to use their tokens for various services. Polygon has also made significant developments in its partnership with Flipkart and the shift of resources to the CDK framework. The prices of both Polygon and Shiba Inu have seen positive movements in response to these developments.
