Shiba Inu (SHIBA) is a meme-themed cryptocurrency created as a parody of Dogecoin (DOGE). It is based on the Dogecoin protocol and inherits its key features. SHIBA was initially launched on the Ethereum blockchain as an ERC-20 token in August 2020.
In May 2021, the Shiba team announced that they would be migrating to Binance Smart Chain (BSC). The migration is expected to be completed by the end of June 2021.
The decision to migrate to BSC was made in order to take advantage of the lower transaction fees and faster transaction times offered by the Binance chain. Additionally, the move will allow Shiba to tap into the growing DeFi ecosystem on BSC.
The Shiba team has also stated that they believe that BSC is a more centralized platform than Ethereum, which they believe will lead to more adoption in the long term.
So far, the migration has been proceeding smoothly and according to schedule. The SHIBA token was successfully swapped for its BEP-20 equivalent on May 25th.
The new SHIBA token is now live on Binance Smart Chain and is fully compatible with all existing wallets and exchanges.
The move to BSC is a strategic one for Shiba Inu and is likely to result in increased adoption and usage of the token in the future. With its low fees and fast transaction times, BSC is well-suited for DeFi applications and gaming use cases, which are two areas where Shiba Inu is particularly strong.
With its strong community support and growing ecosystem, Shiba Inu is well-positioned to become a major player in the DeFi space on Binance Smart Chain.