With the arrival of Shibarium in late August 2023, the Shiba Inu ecosystem reached a major turning point. As the year goes on, a notable competitor has surfaced: Ryoshi, a project focused on Shiba Inus that is also located on the layer-2 blockchain. This evolution has prepared the groundwork for a methodical analysis of the changing dynamics between these two platforms.
According to their litepaper, Ryoshi uses Polygon CDK technology to market itself as a community-driven layer-2 EVM network. In its whitepaper, Ryoshi states that he intends to use SHIB as a native gas token, creating a decentralised application platform that will promote systemic utility. Notably, the project intends to put into place a system that burns a percentage of utilised SHIB with every transaction.
https://x.com/RyoshiL2/status/1754486021658747339?s=20
According to the documentation, Ryoshi’s dedication to decentralised, community-driven protocol administration is a key component. The project’s goal, which includes the impending mainnet launch, is to create a network that the community owns and operates.
In addition to this launch, a governance token will be introduced, enabling Ryoshi token holders to take part in proposal voting and receive rewards on the upcoming staking platform.
Ryoshi v. Shibarium
The Shiba Inu ecosystem expects more activity and attention as Ryoshi presents itself as a competitor to the well-established Shibarium. The rivalry between these layer-2 blockchains will have an impact on how Shiba Inu-related projects are positioned going forward.
It is encouraged to proceed cautiously, in line with the traditional caution related to new endeavours. It is recommended that prospective investors carry out thorough study prior to investing funds in this developing area of the cryptocurrency market.
