The Shiba Inu (SHIB) team today announced the upcoming Beta launch of its Layer 2 Network, Shibarium, providing an overview of its fundamental concepts to the community.
The team clarified that Shibarium, their Layer 2 blockchain Shiba Inu, is not being developed as a price-pumping tool but instead to fulfill the project’s “vision and provide the community with a tool to build and grow the project on their own terms.”
They also highlighted that with the imminent launch of the network, they are encouraging the community to familiarize themselves with the concepts before testing.
According to the announcement post, Shibarium is set to revolutionize the crypto space and the Shiba Inu Ecosystem. The benefits of using a Layer 2 blockchain include faster transaction times, lower fees, and an expanded development framework.
Shibarium’s protocols are versatile and can be applied across various sectors, including the Metaverse, Web3 innovation, and gaming, due to the shared limitations of scalability and performance faced by current blockchain networks.
Shiba Inu’s Layer 2 Allows “off-chain” Transactions
The high cost of gas in the ERC network during the summer of 2021 made using cryptocurrencies or NFTs for everyday transactions unfeasible.
Shibarium’s Layer 2 blockchain removes this barrier by allowing transactions to occur “off-chain,” meaning transactions occur outside of the Layer 1 blockchain and are communicated back.
Layer 2 blockchain technology operates above existing blockchain networks, enabling faster, more affordable, and private transactions to be executed off-chain while still maintaining the security of the underlying blockchain.
This can decrease the burden on the blockchain network and enhance the user experience for virtual reality and gaming applications.
The post also highlighted that BONE was already chosen token for gas transactions and rewarding validators and delegators in the Layer 2 protocol:
With a total supply of 250 million, of which 20 million have been reserved to reward Validators and Delegators in the coming years and voted in by the Shiba community through our DAO process.
Shiba Inu (SHIB) On Rise
After the announcement, the value of SHIB increases. According to coinmarketcap, the token is currently valued at $0.00001039. Both the daily and weekly charts indicate a positive trend, with gains of about 4.88% and 18.51%. Additionally, the token’s trading volume has also increased by 6% in the past 24 hours.
The token experienced exceptional growth in 2021, but like many other cryptocurrencies, it faced bearish market conditions in 2022. While some analysts were surprised by the token’s meteoric rise, others predict that it may reach its previous high of $0.00048 in the current year.
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