Shiba Inu (SHIB) lead developer Shytoshi Kusama claimed that the new SHIB-based ecosystem, Shibarium, is almost ready for release.
Through his Twitter account, Kusama assured that the team is “finalizing” the long-awaited layer 2 project of the protocol.
ON REPEAT WHILE WE FINISH UP: https://t.co/QyUVHfoYOa
— Shytoshi Kusama™ (@ShytoshiKusama) March 3, 2023
In February, Kusama announced that Shibarium’s beta mode would soon be launched, although she did not give a specific date or time.
At that time, the project developers also announced that the Bone ShibaSwap (BONE) token will be required to interact with the ecosystem and confirmed that the project is designed to function similarly to another layer 2 scaling solutions, such as Polygon (MATIC).
Users look forward to Shibarium
Join Shibarium, a new portal designed to serve as a hub for developers, entrepreneurs, and community members interested in joining the Shiba Inu (SHIB) ecosystem, received a lot of interest after its launch last Sunday.
The platform had thousands of responses within hours of its launch.
The portal invites anyone who wants to build a business on Web3 to join the Shibarium ecosystem. They can become a validator, work with Shiba Inu or create content for the platform.
What is Shibarium?
Shibarium is a layer 2 scaling solution, which uses zk-rollups technology to process a large number of transactions off-chain, reducing congestion on the main chain and allowing Shiba Inu to process more transactions per second.
The solution will enable developers to launch highly scalable applications and will generate a new ecosystem of customized tokens that can be exchanged using Bone ShibaSwap (BONE) to pay transaction fees.
Here's to the first day of the rest of our lives on #Shibarium. INTAKE FORM IS LIVE #SHIBARMY. https://t.co/ZKYNFIjsnx
— Shytoshi Kusama™ (@ShytoshiKusama) February 26, 2023
How does Shibarium work?
Shibarium is a secondary blockchain network that is built on top of Ethereum. Its purpose is to handle most of the transactions involving SHIB and other ecosystem tokens, which reduces the number of network transactions on Ethereum.
This connection to Ethereum allows SHIB holders to continue participating in Ethereum’s massive DeFi ecosystem.
One of Shibarium’s unique features is that it allows SHIB holders to burn their tokens, effectively removing a significant portion of them from circulation.
This deflationary tokenomics approach could potentially boost the price of Shiba Inu coins.
However, it’s uncertain if the rate of burning will be sufficient to drive the price of Shiba Inu to $1, as some investors hope.
Without getting too technical, Shibarium uses layer 2 solutions that leverage the robust infrastructure of its underlying layer 1 blockchain to ensure security.
It also employs techniques like rollups or transaction channels to provide users with faster and cheaper transactions.
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