Debuting as the inaugural defi bridge, developers supported by Shiba Inu create a groundbreaking connection among three prominent blockchains.
The Sharbi team has announced the development of a new bridge that will facilitate the transfer of liquidity and cryptocurrencies between Shibarium and major blockchains, all powered by the Shiba Inu token.
The developers of Sharbi introduced FETCH on February 14th, a solution that bridges multiple chains by connecting Ethereum and the Arbitrum layer-2 network to Shibarium, which is a crucial scaling chain within the Shiba Inu ecosystem.
Typically, blockchains operate independently, which means that currencies issued on one chain cannot be transferred to another. To address this limitation, developers have created defi bridges that allow participants to transfer tokens between different blockchains.
FETCH was announced a few weeks after Sharbi celebrated one year of contributing to the Shiba community. This innovative solution was built using solidity, a popular programming language in the defi space. The Sharbi developers have stated that FETCH will significantly reduce the time it takes to bridge assets, from nearly a week to under 30 seconds.
According to Rosemond, one of the developers, FETCH has been in development for several months before its launch as the first multichain bridge that provides Shibarium users with exposure to other blockchains. A decentralized autonomous organization (DAO) will vote on the tokens supported by FETCH, which will include SHARBI and BONE, among others determined by the DAO.
Shibarium, an Ethereum layer-2 scaling chain, was launched in August of last year as part of the expansion strategy of the Shiba Inu builders. The platform faced initial challenges but managed to recover and quickly reached 100,000 wallets after its relaunch.
According to Shibariumscan, the network has processed over 349 million transactions from 1.3 million wallet addresses across 3 million blocks. Currently, more than 8,900 tokens and 15,000 smart contracts are running on Shibarium. Shiba Inu (SHIB) is the second-largest memecoin, after Dogecoin (DOGE), with a market capitalization of $5 billion, as reported by CoinGecko.
