SHIB Advocate Encourages Buterin to Incorporate Shiba as a Solution Amid Ethereum Security Worries
Labib, a devoted supporter of the Shiba Inu (SHIB) cryptocurrency, recently took to Twitter to propose an intriguing solution to the escalating concerns over Ethereum’s gas prices and the recent disruptions experienced by the Solana blockchain. Labib suggested that Shiba Inu could be a “magical solution” to mitigate these issues, offering lower transaction costs while maintaining Ethereum’s security.
Labib’s proposition gained attention as J.P. Morgan highlighted the exorbitant gas prices for Ethereum and the Solana blockchain outage, exacerbating the situation for everyone involved. With Ethereum’s classification as a security option still looming, Labib called on Vitalik Buterin, the founder of Ethereum, to consider using Shiba Inu as a solution.
Ethereum recently made significant technological advancements with the introduction of the Dencun upgrade, its first major update since the Shanghai upgrade last year. This upgrade proved to be a game-changer, significantly reducing transaction fees on Ethereum’s layer 2 solutions.
The incorporation of blobs and the utilization of cryptographic tools like the KZG commitment scheme have enhanced Ethereum’s scalability and strengthened its security against potential threats. Additional updates, such as EIP-4788 and EIP-6780, have further improved the network’s defense mechanisms and smart contract functionality, reducing risks for decentralized applications within the Ethereum ecosystem.
While this development has led to increased activity and value across Ethereum’s layer 2 networks, it raises concerns about whether these solutions might overshadow the main Ethereum network. However, proponents argue that the Dencun upgrade actually enriches Ethereum’s layer 1 blockchain, solidifying its role as the ultimate settlement layer within its ecosystem. Moreover, this scalability enhancement positions Ethereum to regain dominance over alternative layer 1 blockchains and recapture market share lost due to scalability challenges in the past. With the availability of layer 2 and emerging layer 3 solutions, developers now have the tools to execute transactions within the Ethereum network more efficiently, eliminating the need to resort to other blockchains for application deployment.
In a related development, the distribution of Lido’s staked ETH has seen a decrease, addressing previous concerns over network concentration. This decrease enhances the likelihood of Ethereum avoiding classification as a security by the U.S. SEC, a topic that has sparked much debate in the crypto community.
Tags: Altcoins