Friday, April 19, 2024

Shiba Inu And CoinMarketCap Reach Settlement On Wormhole Contracts Dispute

The developers of meme coin Shiba Inu have finally reached an agreement with CoinMarketCap over the wormhole contracts dispute. Shiba Inu had drawn focus to three contract addresses and highlighted them as fake. It had accused the CoinMarketCap of allegedly listing the fake contract addresses for Bep20, Solana and Terra. The meme coin alleged that the world’s most referenced crypto price-tracking portal ignored its requests.

CoinMarketCap explained that the addresses were wormhole bridges, which brought about cross-chain transactions. The portal highlighted that the addresses were “not malicious” and would, in fact, improve the users’ experience. It said the portal publishes the contract addresses for wrapped assets as it would ultimately streamline the user experience. It would also facilitate cross-chain transactions. As such, the portal added a notification to the top of the Shiba Inu page – saying the non-ETH contract addresses are wormhole addresses, which facilitate cross-chain transactions of wrapped versions of the meme coin.

However, Shiba Inu enthusiasts said it had created FUD. It negatively affected the meme coin’s price. A group of Shiba Inu supporters – ShibArmy accused CoinMarketCap of working against SHIB. The meme coin team highlighted that the CoinMarketCap centralized the decision to include wormhole addresses. It also criticized the portal of low level of transparency.

After reaching an agreement, Shiba Inu took to a Twitter post to inform its supporters that the CoinMarketCap reached out to the SHIB developer team and is in discussions in regards to the wormhole contracts. The meme coin’s developer team recognized the significance of cross-chain interoperability. They also pointed out the risks and security vulnerabilities for the bridges. But it stated that it shouldn’t stop the cross-chain innovation.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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