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- 1 Shibarium is the forthcoming layer 2 blockchain network built on Ethereum for Shiba Inu.
- 2 The project is focused on building layer 2 solutions which will turn memecoin Shiba Inu into a comprehensive ecosystem.
This will change Shiba Inu from a memecoin as it will have more features related with expanded use cases such as decentralized exchange, blockchain games and metaverse; thus, making it a several project platform. Ryoshi, the anonymous creator of this memecoin has proposed the project in a blog post in May, 2022. However, the post is now deleted.
There is no declaration of the date for the project, but the alpha preview of the SHIB metaverse was on display at SXSW 2023 from March 13 to 15. The prior day for launch was set in February but was delayed because the developers wanted to launch an error free version only after thorough testing.
Shibarium is a blockchain layer that runs on top of Ethereum. As Ethereum faced the main criticism of low throughput capabilities and high gas fees, Shibarium aims to improve scalability.
New Coins Incorporated in the Shiba Inu Ecosystem
There are some new coins assimilated in the Shiba Inu ecosystem. SHIB is the original Shiba meme coin, and BONE is Shiba Inu’s governance and utility token. This permits holders to vote on the project development.
LEASH is another coin with limited supply. The holders of LEASH can stake in the liquidity pools to receive the rewards. TREAT is the newest member used as a token to reward holders. SHI stablecoin is also a part of the ecosystem, but its utility has not been made clear. The TREAT token will have some connection with the SHI stablecoin.
There are many benefits of Shibarium Layer 2 solution. It results in higher throughput, lower fees, token utility, dApp accelerator, and metaverse development. Layer 2 solution is built on layer 1 which acts like a foundation. It means the network is made ready to handle increased transactions.
The beta version of Shibarium will offer the best feature of increased ability to burn tokens. It is aimed to offload a significant amount of transactions from Ethereum for enhanced speed and security, and is developed to serve as a scaling solution for Shiba Inu to enable faster and cheaper transactions.
Reason Behind Low Transaction Fees on Shibarium
Shibarium can help in lowering transaction fees as it can process transactions off chain, which are fed back to the Layer -1 blockchain. Hence, the transactions made on off-chain Shibarium will lower the capacity issue on Layer 1 Ethereum. This results in lowering the gas fees.
It will also lower the transaction pressure on Ethereum (ETH) mainnet. The gas currency of the upcoming blockchain will be BONE. 20 Million Bones will be reserved to reward validators and delegators in the Shibarium ecosystem. Users will need to lock atleast 10,000 BONE tokens to become validators on Shibarium.
The utility is increased as Web3 and Web4 developers can create applications in the Shibarium ecosystem. The validator enrollment process is ongoing and crypto entrepreneurs can move their projects to the upcoming blockchain. In this way, Shibarium becomes a network capable of hosting dApps, smart contracts and payments.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
