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Shibarium Coming to Shiba Inu in August: Here’s All You Need to Know About the Layer 2

Published July 7, 2023 1:52 PM
Teuta Franjkovic
Published July 7, 2023 1:52 PM
Key Takeaways
  • The much-awaited layer 2 blockchain Shibarium is expected to go live after a Toronto conference in August
  • The testnet of Shibarium has experienced significant activity in recent months, with 20M transactions and 16M wallets as of June
  • Developers said Shibarium would have a focus on metaverse and gaming apps

Lead Shiba Inu developer Shytoshi Kusama stated in a blog post  on July 6 that the team will discuss and perhaps release the eagerly awaited layer 2, Shibarium, during the ETHToronto and ETHWomen hackathons, which are set for August 2023 in Canada.

The developer emphasized the event’s significance because it coincides with the third anniversary of the Shiba Inu and takes place in the region where Ethereum originated.

Kusama’s AI to Give Speech At the Conference

Kusama announced that the Shiba Inu ecosystem would sponsor the official hackathons, ETHToronto and ETHWomen, and the title sponsor of the next Blockchain Futurist Conference. On the day of the Shibarium release, Kusama will also appear via artificial intelligence technology and give a speech at a conference.

The “world paper” of the Shiba Inu ecosystem will be displayed at this conference, together with new initiatives and the first-ever complete information regarding the Treat coin.

According to the blog post, Shibarium will organize an extended hackathon during the Blockchain Futurist Conference. Shibarium and other Shiba Inu-related goods, platforms, and services, including Shib the Metaverse, Shibacals, Shiba Eternity, Shiboshis, and others, will be displayed at two booths.

Along with new projects utilizing Shibarium Tech, guests may anticipate seeing demonstrations from partners, including Unification and BadIdea.Ai.

Distinct tokens have distinct roles in the Shiba Inu community. Shiba Inu SHIB governs Shibarium’s general community, while its technological component is supported and governed by the Bone ShibaSwap (BONE) token. While the Treat token will oversee community initiatives, the Doge Killer (Leash) token is in charge of community protection and gives exclusivity.

Kusama claims that the Shiba Inu ecosystem will consist of two main components: the Doggy DAO, which will oversee the entire ecosystem, and the Shib Doggy DAO Foundation, which will execute the DAO’s directives and manage its assets. To ensure that all members of the Shiba Inu community have a voice, the governance will be divided into four groups, one for each key token in the Shiba Inu ecosystem.

The announcement was met with an ecstatic response from the Shiba Inu community. One user named ShibaBazaar claimed they had been anticipating this development for years and had already cracked every puzzle.

What’s the Importance of Shibarium for Shiba Inu?

Shibarium offers faster transaction times, cheaper transaction costs, greater token utility, and easy decentralized application (DApp) creation.

The Ethereum blockchain, upgraded to a proof-of-stake (PoS) blockchain through the Merge, nevertheless had scaling issues while having a strong security layer. Shiba Inu will be able to scale while remaining connected to the Ethereum blockchain thanks to Shibarium, another PoS project. Shibarium is anticipated to stabilize SHIB’s value and turn Shiba Inu into a project with long-term potential

Improved Transactions Time

Shibarium will boost throughput by adding layer 2 to the Shiba Inu ecosystem, allowing the project to handle large growth. Shibarium is anticipated to significantly increase transaction speed, although customers will have to wait a little longer for specific throughput data.

Lower Costs

Anyone using Ethereum has had difficulties with high transaction costs. The fee may occasionally exceed the cost of the transaction. For a $10 transaction, for instance, one might be required to pay a high charge of $50 in Ether (ETH). Gas fees are probably going to be insignificant once the Shibarium layer-2 solution is introduced.

Entire Ecosystem

Unlike other memecoins, the Shibarium ecosystem will include a number of initiatives, such as the SHIB metaverse, ShibaSwap DEX, and blockchain games. The metaverse and games are expected to draw users in, while the DEX will offer more liquidity.

Token Utility

Despite burning more than 40% of the tokens, SHIB’s enormous supply has been a significant obstacle to its growth. Shibarium resolves this by making BONE its native currency. Validators on the network will get compensated in BONE when Shibarium takes off for securing and validating transactions. Additionally, every transaction in the new environment will use SHIB to control the absurdly inflated quantity of SHIB.

DApp Development

Applications known as DApps run their backend code over a decentralized peer-to-peer (P2P) network. However, the memecoin lacked the resources necessary to serve as a native coin of DApps. Shibarium wants to create a strong ecosystem that uses Ethereum and a layer-2 solution. It will give developers the technical tools they need to build DApps for the ecosystem.

SHIB Price Swings

The countdown to the much anticipated Blockchain Futurist Conference, where Shiba Inu will be the star of the show, has started as a result of the news, and it may have reignited SHIB excitement.

Since the publication of Kusama’s blog post, SHIB’s price, has increased by about 3% but at the time of writing, was down to $0.00000725. The SHIB price is now poised to potentially break out of the downward trend channel that has been in place since early February. To prevent a fakeout, there must be a big advance over $0.000008 toward the 38.2% Fibonacci retracement level ($0.00000831) and a subsequent breakout above this barrier.

SHIB chart
Credit: TradingView

As of June, there have been 20 million transactions on Shibarium’s testnet, or testing blockchain, coming from an estimated 16 million wallets. The Shibarium testnet’s frenzied activity suggests that there is a need for the network.

Shibarium’s developers have previously stated that their focus will be on metaverse and gaming applications, especially given how the non-fungible token (NFT) market is anticipated to grow over the next few years.

Shiba Inu (SHIB), which was created during the previous bull market as a Shiba Inu-themed meme coin and has since attempted to portray itself as a legitimate project with its own blockchain network and dapp ecosystem, may benefit from strong fundamentals as a result of the launch.

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