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Shibarium – an L2 based on the memecoin Shiba Inu will launch its beta version soon.

Shibarium - an L2 based on the memecoin Shiba Inu will launch its beta version soon.

The developers of the layer 2 network Shibarium said that they will soon launch the beta version of it on Ethereum mainnet. In an announcement, the developers of layer 2 said that the Shibarium is being built to furnish the ecosystem developers with tools for a seamless building experience. They said that they are following the vision of the Shiba Inu founder, an anonymous individual named ‘Ryoshi’. 

A layer 2 network is a standalone network built on top of the main chain (layer1) to help scale transactions at a low cost and high speed. The layer 2 bundles these transactions in 1 batch and rolls it over to layer 1 for execution of adding the transactions to the blocks. Some people believed that the development of layer 2 was to drive up the coin’s price. However, the developers said that is not the goal. The team said,

“Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project’s focus and never has been.”

According to the developers the aim behind developing this layer is to make the ecosystem more inclusive. To achieve this goal the project will minimize the entry barrier for small transactions on- chain, optimize the speed of the transaction process and pave the way to welcome more applications and NFTs on the platform. 

Shibarium is a delegated proof-of-stake (DPoS) layer-2 blockchain and will be operated and secured through validators and delegators for ensuring a smooth asset staking experience of the community members. The participants who stake their SHIB tokens will receive the governance token called BONE. 

In a post, the developers of Shibarium mentioned that their focus will be on the Shib metaverse and gaming dApps as they will see more traction from users across the globe. 

The key development of the project which happens to be the most requested from the community is the ‘Burning Mechanism’ for SHIB tokens. The developers confirmed that all transactions on the network will have an amount of SHIB burn tokens. The burn mechanism will conduct its function when any transaction is done on the network. 

The community members (Known as SHIB Army) of the dog themed token expressed their excitement on the announcement of the layer 2’s launch. 

On November 22, 2022, SHIB developer Shytoshi Kusama posted that the World Economic Forum (WEF) has invited the developers to collaborate for creating a global policy for the metaverse space. The developer also added that if their collaboration with WEF turns out to be successful then the project will have a privilege of working with known  tech giants like Facebook and Decentraland in collaborating with  the WEF to develop crucial policies for the metaverse. 

Read more on: How to buy SHIBA INU Land in Metaverse?

The archive of Shiba Inu (SHIB)

Shiba Inu’s circulating supply was 1 quadrillion, out of which half the amount was sent to Vitalik Buterin, founder of Ethereum blockchain. The high amount of tokens in circulation was one of the major reasons for its low value. In 2022, the developers of SHIB tokens incorporated a shiba burn mechanism on Shiba Swap to help in driving the asset’s price up. 

Source: Cointelegraph 

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