The long-awaited launch of Shib Name Service (SNS) has finally arrived, marking a significant moment within the Shiba Inu community.
Shiba Inu announced the release of version 1.1 of Shib Name Service (SNS) in a tweet dated March 4th. In preparation for the epic event, current name token transfers were temporarily suspended for two hours on March 4th to capture a snapshot, which will be used for the airdrop of the updated Shib names in collaboration with D3 Inc.
Last week, the existing SNS smart contract was frozen to capture a snapshot for users, following which the upgraded D3 Shib names will be sent to their wallets.
Current holders of Shib Name Service (SNS) will be among the first to receive their “updated” Shib names, granting them priority access before the gates open to the public.
Shiba Inu had announced a partnership with D3 in December for name tokens that are slated to become interoperable and future-proof digital identities. This includes a snapshot for the coveted top-level domain “.shib” during the upcoming ICANN application window.
The distinctive Shib name tokens serve as a single user address for everything on Web3. It represents a multi-chain, multi-platform identity that allows users to eliminate complex wallet addresses and unify the Web3 experience and infrastructure management.
Read more Shiba Inu Dominates Cryptocurrency Market with Unprecedented Trading Volume
As Web3 gains more attention, integration with the current DNS infrastructure becomes crucial for its success. D3 is working on bridging the gap between the old internet and the Web3 infrastructure, focusing on the pivotal role DNS plays in the future of the internet.
In trading today, Shiba Inu (SHIB) reached its highest level in 27 months at $0.0000456, becoming the tenth largest cryptocurrency asset in the market. SHIB surged by 53.47% in the last 24 hours, trading at $0.000040 at the time of writing this report.
Shiba Inu’s market capitalization exceeded $23 billion, approaching that of the largest dog-themed cryptocurrency, Dogecoin (DOGE), currently ranked ninth.
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