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Shiba Inu lead Shytoshi Kusama has mentioned what the ecosystem needs to do to attract major centralized exchanges to the Shibarium network.
In reaction to an X post, the pseudonymous lead explained why the Shibarium network, an Ethereum layer-2 network, has not seen mainstream CEX traction. Kusama further mentioned what must happen in the ecosystem to rectify the constraint.
Kusama Disect’s Shibarium CEX Constraints
The Shiba Inu lead’s comment followed a post from the team behind FEED, a meme coin community takeover (CTO) token. The project’s official X handle tagged Kusama while indicating its community’s major concern regarding centralized exchanges’ adoption of tokens on the Shibarium network.
The FEED team mentioned that its community and many other enthusiasts who trade meme coins on Shibarium “have given up” due to the low CEX adoption rate for tokens in the network. In response, before addressing the adoption concerns, Kusama slammed critics who misrepresented his identity in the comment section.
The pseudonymous lead insisted that mass adoption would eradicate the issues of low CEX attention to tokens on Shibarium. He further emphasized the need for mainstream adoption, noting that it equals traffic, which is what centralized exchanges feed off.
That the chain itself (and everything we are doing) needs mass adoption. Adoption = Traffic = Revenue for them. Not to mention CEXs are also building their own L2 *Kraken*. So my focus is and remains on getting Adoption for Shibarium and all things Shib through …
— Shytoshi Kusama™ (@ShytoshiKusama) November 20, 2024
Adoption Makes All Things Shib Through: Kusama
Kusama indicated growing competition among layer-2s as centralized exchanges have started creating their own sidechains. As a result, Shibarium needs to show mass interest in it to attract exchanges to list its native tokens.
Meanwhile, the pseudonymous lead outlined steps the Shiba Inu ecosystem needs to take to create demand, which in turn attracts the big guns. He mentioned that the Shiba Inu community needs to foster partnerships, build on unique niches, and generate revenue for the foundation.
Partnershibs, focusing on unique niches and getting revenue for the foundation through the above so the community can work collectively on these issues.
So step 1: Build it. ✅️ 2. Build the technical (governance, etc) foundation for it. ✅️ 3. Get adoption from Web 2 and…
— Shytoshi Kusama™ (@ShytoshiKusama) November 20, 2024
Kusama stated that the first step is to develop the chain, establish the technical foundations, build adoption on Web2, and then scale it. Furthermore, he noted that a breakout token on the Shibarium ecosystem would quickly attract major centralized exchanges, as seen in other chains. The Solana chain saw rapid adoption following the breakout of meme coins such as dogwifhat (WIF) and Bonk.
Notably, the Shiba Inu lead stated that the team is making considerable progress to boost the Shiba Inu ecosystem. This ploy is evident in innovations like building a decentralized autonomous organization (DAO) and introducing liquid staking on Shibarium.