Shiba Inu (CRYPTO: SHIB) cryptocurrency project announced the launch of a non-fungible token (NFT) bridge for its Layer-2 blockchain, Shibarium, paving the way for the smooth transfer of Ethereum (CRYPTO: ETH)-based NFTs.
What Happened: On Monday, Shiba Inu’s official X account posted about the activation of NFT Bridge on Shibarium. The new feature allows users to deposit and withdraw Ethereum-based NFTs by simply connecting their wallets like MetaMask, potentially opening up new avenues for trading.
NFT bridging can help improve the token’s liquidity by opening it up to a bigger user base, and allow them to access better features like lower transaction fees with faster transaction times.
Launched in August last year, Shibarium has facilitated around 436 million transactions as of this writing, with an average transaction fee of 0.014 Bone ShibaSwap (CRYPTO: BONE), worth $0.0054. Ethereum’s average fee was $0.97, according to Etherscan.
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Why It Matters: This development comes on the heels of Shiba Inu’s recent partnership with Mass, a financial solutions company, to build the finance layer of its ambitious ‘Shiba State.’
Over the years, Shiba Inu has tried to rise above its narrow meme coin origins and evolve into a complex decentralized financial system. Shibarium, a Layer-2 blockchain, and ShibaSwap, a decentralized exchange, were major accomplishments in this endeavor.
Meanwhile, Shiba Inu’s burn rate jumped 305% in the last 24 hours, helping accelerate the deflationary pressure on the coin.
Price Action: At the time of writing, Shiba Inu was exchanging hands at $0.00001816, up 7.38% in the last 24 hours, according to data from Benzinga Pro. BONE, another popular token of the ecosystem, rose 3.53% to $0.3857.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
