UAE Embrace Shiba Inu as Web3 Project Platform

Shiba Inu took another step away from its memecoin roots yesterday when the United Arab Emirates (UAE) announced a partnership with the token to bring innovative Web3 solutions to the federal government.

As part of the partnership, the UAE government’s Ministry of Energy and Infrastructure (MoEI) will use Shiba Inu’s operating system, or ShibOS, across several initiatives, including public service efficiency, environmentally friendly infrastructure projects, and citizen-focused governance actions.

More broadly, ShibOS will be used to unify development and integrate various energy and infrastructure projects across the seven emirates in the federation, which include Abu Dhabi and Dubai.

“This partnership represents a pivotal moment in our journey toward redefining government services," said His Excellency Eng Sharif Al Olama, undersecretary for energy and petroleum affairs at the MoEI. "By embracing emerging technologies, we aim to set a global benchmark for innovation, delivering transformative solutions that benefit both our citizens and the wider community.”

Shibarium's Tiny Web3 Ecosystem

Shiba Inu has been building projects on Shibarium, its Ethereum Layer 2 blockchain, since at least August 2023. But they are miniscule.

The biggest protocol is the decentralized exchange (DEX) Shiba Swap, whose total value locked (TVL) collapsed in 2021 after a brief spike to $1.75 billion TVL, according to DeFiLlama. By 2022 it had just $23 million left, now down to $16 million. None of its other Dapps have a TVL of even $1 million.

Shiba Inu’s SHIB token has plunged in the last two months, dropping more than 50% to a market cap of $9.3 billion from $19.1 billion on Dec. 7.

Until last month, the project was overseen by the pseudonymous lead developer Shytoshi Kusama, who stepped down as so-called “Lead Visionary” on Jan. 27.

Despite the collapse, he pointed to SHIB’s position as a top 20 token with a market capitalization of $9.3 billion and “800 million flawless transactions” on Shibarium. He said “there is no more vision needed, only execution and communications.” That left him free to become Lead Ambassador for the project.

“We’re thrilled the Ministry sees Shiba Inu as a cornerstone for next-generation infrastructure,” Kusama said. “This partnership showcases the power of Shiba Inu in delivering groundbreaking solutions. Together, we will redefine how businesses and citizens collaborate in a transparent, eco-friendly digital framework.”

Which is a big deal for Shibarium, as almost no one is using it now.