Shibarium, a Layer 2 scaling solution for the Shiba Inu is heading closer to launching its public beta version. This was revealed in a Twitter update by Milkshake from a recent Medium blog post, Unification Foundation, a team working on the layer2 project.
The article revealed that a public testnet of Shibarium is slated to go live within the next few months with a public beta to follow shortly thereafter.
According to the post, the Alpha TestNet version for Shibarium is currently underway which will be used for network testing and the development of all end-user engagement tools such as wallets and block explorers, token transfer bridges, etc.
There will be some private invitations sent out to trusted testers after these have been prepared and implemented. The feedback will be used to improve and expand the network and tools before releasing a public Beta TestNet. Further the blog read,
“In continuing the foundational work to support open source projects with large utility, the Unification team continues to play a strong role in the development of the Shibarium network. Shibarium which will be the premium L2 for the Shib token community, & in partnership with the Shib Army, enabling rapid low-cost transactions optimized for gaming.”
Can Shibarium be the gamechanger for Shiba Inu?
As Shiba Inu is an ERC-20 token, the asset is plagued with high gas fees rendering it unaffordable for many newbies. With the introduction of the scaling solution Shibarium, many in the community expect it to be a gamechanger for the popular meme coin use cases.
Besides that developers are also working on an algorithmic stablecoin called SHI that will operate on both Ethereum and Shibarium. Not content with just being a meme coin, Shiba Inu has announced its plans to develop its own virtual space and world, “Shib: The Metaverse”.
Even though SHIB’s price remained flat, Whales continue to buy the dip, as data from WhaleStats revealed that SHIB blasted its way to be one of the largest holdings among the top ETH whales. This position had previously been occupied by FTT [FTX Token] for a while now.
Meanwhile, the Shibarmy is also helping the asset to grow by burning massive amounts of the coin. As per statistics by shibburn, 1.4 billion SHIB has been burned in the 24 hours. All these developments would initiate a leg up in the token’s price action.
