After an eagerly anticipated wait, Shiba Inu introduced its highly anticipated layer-2 scaling solution, Shibarium mainnet, on August 16th. Operating on a proof-of-participation [PoP] mechanism, Shibarium stands on a robust technological foundation, introducing novel concepts in on-chain identity and governance.
Dubbed as PuppyNet during its successful beta phase, Shibarium Beta has demonstrated remarkable achievements, processing over 35 million transactions, managing around 2 million blocks, and accommodating over 17 million wallets.
Shytoshi Kusama, Shiba Inu’s project leader, revealed that the new consensus mechanism selects validators based on their holdings of relevant crypto assets. This approach significantly reduces the computational demands of traditional proof-of-work schemes.
Notably, the Blockchain Futurist Conference in Toronto, Canada, saw Kusama as its keynote speaker. While his speech lasted a mere five minutes, the absence of Shibarium at the event disappointed some enthusiasts.
Nevertheless, the mainnet’s timely launch dispelled any speculation of delays. This innovative L2 blockchain solution seamlessly interacts with Ethereum’s primary layer-1 blockchain, offering heightened scalability and cost-efficient transactions.
The debut of Shibarium has also triggered surges in Shiba Inu’s ecosystem token, BONE, which serves as the governance token, enabling the Shib Army’s active involvement in decision-making through the Doggy DAO. With a fixed supply of 250 million, BONE users can vote on proposals and pave the way for Shibarium’s progression.
Validators within the Shibarium network must lock up 10,000 BONE tokens, with 21 million BONE reserved for rewarding validators and ecosystem participants. These rewards also cover authorized gas fees.
Additionally, the third SHIB trifecta, LEASH, with a limited supply of 107,646, offers exclusive perks to dedicated ecosystem supporters. Notably, Crypto.com has made LEASH [Doge Killer] available on its platform, facilitating seamless trading and swapping with other cryptocurrencies.
Shiba Inu L-2 Dynamic Ecosystem
The Shibarium ecosystem has formed strategic partnerships with projects that will serve as launchpads for its novel initiatives, thus amplifying traction and visibility. These collaborations include Dogpad, represented by the DOGPAD token, and ShibPad, leveraging SHIBP.
Expanding beyond that, a diverse array of decentralized applications [dApps] is poised to enrich the Shibarium ecosystem. Shib Chomp, powered by the CHOMP token, offers secure storage solutions. Treat, driven by the stablecoin governance token TREAT, enhances stability and governance.
Prodigy, utilizing the PRO token, introduces a sniper bot to facilitate efficient trading. Additionally, Shibarium Name Service [SNS] simplifies addresses akin to Ethereum Name Service [ENS].