Developers backed by the Shiba Inu cryptocurrency have unveiled a groundbreaking initiative

Developers backed by the Shiba Inu cryptocurrency have unveiled a groundbreaking initiative, introducing the first decentralized finance (defi) bridge that connects three major blockchains.

The team behind the Shiba Inu-fueled token known as Sharbi recently revealed FETCH, a pioneering multichain bridging solution designed to facilitate the seamless transfer of liquidity and cryptocurrencies between Shibarium and prominent blockchains.

FETCH, announced on Feb. 14, serves as a vital link between Ethereum, the layer-2 network Arbitrum, and Shibarium, a Layer 2 scaling chain integral to the Shiba Inu ecosystem. Traditionally, blockchains operate independently, limiting the movement of currencies issued on these decentralized networks across different chains. Defi bridges address this limitation by enabling users to transfer tokens between blockchains.

The introduction of FETCH follows Sharbi’s one-year anniversary of contributing to the Shiba community. Developed using solidity, a widely used defi programming language, FETCH promises to significantly reduce off-chain bridging time from nearly a week to less than 30 seconds.

According to Rosemond, one of the developers, FETCH underwent extensive development over several months before its launch as the first multichain bridge offering Shibarium users access to other blockchains. A decentralized autonomous organization (DAO) is set to vote on the inclusion of supported tokens for FETCH, which will encompass SHARBI and BONE, among others determined by the DAO.

What Is Shibarium and Shiba Inu? Shibarium, introduced in August of the previous year, serves as an Ethereum layer-2 scaling chain initiated by Shiba Inu developers as part of their expansion strategy. Despite facing challenges during its initial release, the platform rebounded and quickly amassed 100,000 wallets shortly after its relaunch.

Shibariumscan data reveals that the network has facilitated over 349 million transactions involving 1.3 million wallet addresses across 3 million blocks. Currently, Shibarium hosts more than 8,900 tokens and 15,000 smart contracts. Shiba Inu (SHIB), the second-largest memecoin following Dogecoin (DOGE), boasts a market capitalization of $5 billion according to CoinGecko.