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Shiba Inu Layer 3 Blockchain Poised to Power Real-World Blockchain Utility: Cypher Capital Chairman
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Despite a shaky 2022 and a challenging 2023, Shiba Inu remains dedicated to its vision of building a complete crypto ecosystem.
Following the development of its metaverse and layer 2 chain, Shiba Inu is now ramping up efforts on its new privacy-focused layer 3 blockchain. Last month, the project team announced success raised 12 million dollars through the sale of its as-yet-unreleased token, TREAT, the utility and governance token for its layer 3 chain.
Bill QianPresident of Cypher Capital, a major supporter of the initiative, recently joined Crypto Briefing to discuss the future of memecoins, layer 3, and Shiba Inu’s role in reshaping the future of decentralized finance and governance.
Shiba Inu is building an ecosystem
Cryptocurrency Briefing: Cypher Capital’s investment in Shiba Inu suggests your confidence in the project’s potential. Can you elaborate on aspects of the project or roadmap that you see as particularly promising for the future?
Bill Qian – Our decision to invest in Shiba Inu is in line with our mission to introduce the next generation to the cryptosphere. Shiba’s unique approach, especially its ambitious plans to build a layer 3 and establish a network state, a concept that has not been fully explored in the cryptocurrency world, caught our attention.
The prospect of experimenting with new models and overcoming the limits of decentralized systems excites us. As participants in the crypto space, we find Shiba Inu’s dedication to building a dynamic community, forming strategic partnerships, and promoting inclusive governance inspiring.
We are optimistic that Shiba Inu will pioneer a movement that will reshape the future of decentralized finance and governance.
Cryptocurrency Briefing – Shiba Inu has a passionate community. Do you think this community involvement is a key factor in the success of meme coins?
Bill Qian – Without a doubt, community involvement plays a vital role in the success of meme coins like Shiba Inu. Shiba is still one of the most decentralized projects around, with over 1 million holders on-chain – a huge figure.
The passionate and active community surrounding Shiba not only promotes awareness and adoption, but also contributes to the project’s ongoing development and evolution.
Recently, we watched Shiba rise up the rankings from the top 30 to the top 10 for a brief period during this year’s first meme season. This would not have been possible if the community had not been excited about the token’s future potential.
Cryptocurrency Briefing: Do you see meme coins potentially evolving beyond their current form and offering greater utility within the blockchain space? How might you imagine this happening with the Shiba Inu layer 3 blockchain?
Bill Qian – Absolutely. Community involvement is key to the success of a project and Shiba Inu has already demonstrated his strength in building a supportive community around his meme. I see Shiba evolving beyond a simple memecoin; it is becoming an ecosystem.
Unlike his peers, Shiba Inu is committed to building around his community and expanding his usefulness beyond being a meme. Over the past three years, the team has focused on developing innovations to strengthen the community and solidify its position as a flagship token.
With the introduction of Shiba Inu’s Layer 3 blockchain, we are excited about the real-world applications that will soon be implemented on Treats: Shiba’s Layer 3 powering the state of the network. This opens up new possibilities for Shiba to offer practical solutions and utility within the blockchain space.
Level 3: Opportunities and challenges
Cryptocurrency Briefing – Speaking of layer 3 blockchain, how do you think this layered approach could revolutionize the way dApps are built and used?
Bill Qian – I believe the layered approach to blockchain infrastructure development has immense potential to revolutionize the way dApps will be built in the future.
By assigning specific functions to different layers, developers can optimize each layer for its intended purpose while leveraging the strengths of others.
We’re already seeing this evolution in action, with Web3 games building their own Layer 3 solutions to customize their chains to specific requirements, while taking advantage of the security and scalability provided by existing Layers 1 and 2.
In the future, I envision every project within a niche having a purpose-driven layer 3 to fuel its ecosystem, resulting in greater efficiency and flexibility in developing and using dApps.
Cryptocurrency Briefing – While layer 3 offers immense opportunities, what are some potential challenges you think we could address in terms of infrastructure development and interoperability between these layers?
Bill Qian – One of the significant challenges of any new infrastructure is the cold start problem, which arises from the lack of users and developers in the space. We are in the attention economy of cryptocurrencies, where projects compete for visibility and adoption, and this can pose a significant obstacle.
Additionally, as projects increasingly focus on building their own layer 3 solutions, interoperability and compatibility between these layers may become more complex. This fragmentation could create confusion for end users and hinder the seamless integration and interaction of dApps on different levels.
Addressing these challenges will require cross-project collaboration, standardization of protocols, and efforts to educate and integrate users and developers towards new infrastructure solutions. This will take time, but we are optimistic that such levels will become common and widely used in cryptocurrencies in the future.
Cryptocurrency Briefing – Do you think Layer 3 has the potential to bridge the gap between traditional applications and blockchain technology?
Bill Qian – I believe that layer 3 solutions will continue to be developed and implemented. Whether they can bridge the gap between traditional apps and blockchain depends on the team’s purpose, usability, and execution. Success will depend on factors such as ease of use, scalability and compatibility with existing ecosystems.
I think ultimately it all comes down to how people embrace and use these technologies in real-world scenarios.
Memecoins may outperform top altcoins this season, but there’s a problem
Cryptocurrency Briefing – Do you see a potential shift in venture capital investment strategies towards meme coins, although not necessarily in line with traditional solid projects?
Bill Qian – Not necessarily. While Cypher Capital maintains its primary focus on investing in blockchain infrastructure, we recognize the importance of memes in capturing market attention.
Our investment in Shiba Inu exemplifies this balance. Shib’s unique position as both a meme and an infrastructure development project aligns with our strategy of finding a balance between focus and technology.
Cryptocurrency Briefing – In your experience, how does the current bull cycle differ from previous ones in terms of meme coin mania? How long do you think it will take VCs to adapt to this change?
Bill Qian – Investors are directing liquidity towards attention-grabbing projects, and it is essential to recognize the growing interest from retail investors in memes during this cycle.
From my experience, we have seen two previous cycles where retail investors have achieved substantial returns. However, the bear market of the last two years has made many retail investors more cautious before diving into projects.
This season will be different: perhaps memes could outperform the best altcoins, but it is very difficult for investors to adapt to this change.
Regardless of short-term trends, it is important to diligently study market dynamics to understand what drives these changes and determine where it makes sense to take calculated risks.
While meme-driven projects can offer opportunities for significant gains, every investor should remain committed to their investment principles and conduct thorough analysis before making any investment decisions and impulsively adapt to new changes.
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