Five months after the public beta launch, the Shibarium mainnet has gone live.
Shiba Inu developers have launched the Shibarium mainnet, the Layer 2 blockchain developed with the promise of empowering the entire Shiba Inu blockchain ecosystem.
Shiba Inu development lead Shytoshi Kusama confirmed the launch of the Shibarium mainnet, which took place this Wednesday, August 16, during the ETH Toronto 2023 conference.
Shibarium is an Ethereum-based second-layer network that uses the Delegated Proof of Stake (DPOS) consensus protocol. Shibarium also uses the BONE token, the native governance token of the ShibaSwap decentralized exchange, as its primary asset for transaction payments and validator rewards. Other tokens such as TREAT and LEASH will also be used within Shibarium.
With this new blockchain, Shiba Inu developers want to offer their community, known as SHIBArmy, a more scalable and lower-cost blockchain environment to boost the development of new applications focused on the DeFi and Web3 gaming sectors.
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The constant evolution of Shiba Inu
Shiba Inu, the project that started as a memecoin to compete with Dogecoin, has today become one of the main ecosystems and communities in the crypto industry.
In just 3 years, Shiba Inu has managed to reach a market capitalization of more than $5.000 billion and this has been thanks to its constant evolution.
The current Shiba Inu ecosystem features more than just a cryptocurrency. The SHIB Metaverse, the Shiba DAO decentralized autonomous organization, the ShibaSwap DEX platform, and now the Shibarium L2 network are also part of the project.
Shytoshi Kusama commented that Shibarium will provide scalability and interoperability to Shiba Inu to attract millions of new users and to take advantage of all the opportunities offered by the world of technology, both on and off the blockchain.
SHIB and BONE do not react to the release of Shibarium
The price of SHIB and BONE has not reacted to the launch of the new Shiba Inu blockchain. According to data from CoinMarketCap, both tokens have experienced a significant drop in the last few hours, by 8,3% for SHIB and 13,7% for BONE.
Source: CoinMarketCap
Source: CoinMarketCap
At the moment, SHIB remains the 14th largest cryptocurrency on the market, with a market capitalization of $5.460 billion, ranking above DAI, the main decentralized stablecoin in the crypto industry. On the other hand, the BONE token, with a market capitalization of $301,9 million, is currently the 101st cryptocurrency on the market.
Despite the recent decline of SHIB, the crypto community is hoping that the launch of Shibarium will push the price of the cryptocurrency higher in the short term.
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