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Shibarium is a key development that converts Shiba Inu from a meme coin into a whole new ecosystem of decentralized applications. It is a layer 2 network on Ethereum that promises to improve the performance of the Shiba Inu ecosystem and is planning to enter the top layer 2 crypto project list.
Besides, its features and benefits are going to affect the existing Shiba Inu space for good. Read on to find out more about what Shibarium is and how it benefits not just the Shiba Inu but the crypto community as a whole.
Shibarium is a layer 2 blockchain network that is being developed on Ethereum for improving the Shiba Inu meme coin. It plays a crucial role in transforming the Shiba Inu into a complete ecosystem of dapps, blockchain games, and a metaverse.
One of the anonymous creators of Shiba Inu, Ryoshi initially proposed this concept in 2021. After almost 2 years, when the beta version of Shibarium called PuppyNet went live on Ethereum in March, it piqued the interest in Shiba Inu community and the network activity has been increasing since then. The Shibarium project provides scalable solutions along with improving the security of DeFi.
The layer 2 network serves various aspects of the blockchain such as metaverse, DeFi, GameFi, and broader Web3 innovations. It plans to do so by facilitating faster, cheaper, and more private off-chain transactions. This way, it intends to improve the scalability while having the security of the underlying blockchain.
Shibarium layer 2 solution processes data and transactions off-chain without compromising privacy and security. It takes transactions off-chain, processes them, and communicates them back to the Ethereum network. As a result, it reduces the load of processing transactions for Ethereum. This, in turn, improves the scalability and user experience.
Ethereum blockchain is known for its high transaction fees, also known as gas fees. The congested network and high gas fees gave birth to various layer 2 scalable solutions like Optimistic and ZK-rollups. Though the network became a Proof-of-Stake blockchain after The Merge, Ethereum still needs L2 solutions to handle the increasing number of projects.
This layer2 solution not only improves the speed and lowers the fees but also provides an infrastructure to develop scalable Dapps. Various Dapps like metaverse apps, blockchain games, and other Web3 projects need these solutions for better user experience and mass adoption.
BONE is the native token that takes care of all the payment activities on Shibarium layer2 network. The network uses BONE to pay gas fees and to reward the validators and delegators in exchange for verifying transactions.
The BONE token was initially introduced in July 2021 and acted as a governance token for the Shiba Inu community. Having a total supply of 250 million, the project allocated 20 million BONE tokens for rewarding validators and delegators.
The Shibarium network holds the potential to create a robust Shiba Inu ecosystem comprising many projects. The scalable infrastructure of this layer 2 network introduces new features and benefits. Let us look at the 6 ways the Shiba Inu Ecosystem will benefit from this layer 2 network.
Congratulation to everyone on #Shibarium !
400 M transactions! pic.twitter.com/zVYJmgX98A— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 7, 2024
The SHIB transactions on Shibarium layer 2 have surpassed 400 million, as of March 2024. The anticipation of upcoming bull market, the return of meme coin season, combined with the increased usage of Shibarium resulted in a significant price surge of SHIB tokens. As the adoption of Shibarium increases, the Shiba Inu ecosystem improves further in the future.
Shibarium is an advanced layer 2 network that plays a crucial role in the development of the Shiba Inu ecosystem. It has already started improving the way how SHIB transactions takes place. From improving the scalability to enabling dApp development, Shibarium covers every aspect in the advancement of Shiba Inu.
DAILY NEWSLETTER
Your daily dose of Crypto news, Prices & other updates..