Shiba Inu Developers Begin Collaboration with CoinMarketCap
CoinMarketCap has begun collaborating with the Shiba Inu team in order to resolve current concerns with “wormhole” addresses.
The official Shiba Inu Twitter account has issued an update on the current CoinMarketCap incident, stating that the website’s top cryptocurrency ranking has already contacted the coin’s creators to resolve recent concerns with “wormhole” addresses.
According to U.Today, the Shiba Inu community has drawn attention to three bogus smart contracts on three “Ethereum killers” (Binance Smart Chain, Terra, and Solana) that are listed on the “first page of cryptocurrency.”
The team has stated that any address that is not an Ethereum address is invalid, since SHIB is an ERC-20 coin. Tokens transmitted to addresses on other chains would be irretrievably destroyed.
CoinMarketCap quickly responded with a statement explaining that they are, in fact, wormhole bridges allowing cross-chain transactions with wrapped copies of the coin. As a result, the addresses in question are not dangerous; rather, they are intended to enhance the user experience.
While the Shiba Inu team recognises the value of interoperability, it asserts that the degree of security offered by such bridges has “basic limitations.”
Developers, echoing community concerns, also chastised CoinMarketCap for making “centralised” choices on the currency while retracting earlier charges of displaying bogus smart contract addresses.
Previously, the community supporting the canine token targeted CoinMarketCap for misrepresenting the cryptocurrency’s circulating circulation.
CoinMarketCap continues to be the most frequently visited cryptocurrency website. According to statistics given by SimilarWeb, it had 294 million visitors last month. It was bought by Binance, a cryptocurrency exchange, in early 2020.
CoinMarketCap reported in late December that Shiba Inu will be the most watched cryptocurrency in 2021, surpassing Bitcoin and Dogecoin.