Shiba Inu is about to launch the beta version of its own Shibarium layer 2 blockchain.
The Shiba Inu blockchain ecosystem is bringing great news to its community of users and developers in 2023, one of the most anticipated by the SHIBArmy being the launch of the Shibarium network.
Shiba Inu surprised its community this Tuesday by announcing that the new second layer or “layer 2” blockchain Shibarium is about to be launched in beta version.
First of all, Shibarium is a sidechain that incorporates great news for Shiba Inu. This layer 2 chain is designed for increase network scalability and performance, allowing almost immediate transactions to be carried out at a very low cost.
Shibarium was proposed by Ryoshi, the creator of the Shiba Inu cryptocurrency, in 2021, as a solution for the Shiba Inu blockchain ecosystem, which includes SHIB Metaverse, Shiba DAO, ShibaSwap and other projects, to reach its full potential.
What is Shibarium?
Shibarium is an Ethereum-based sidechain blockchain designed to scale the Shiba Inu mainnet.
In his blog, Shiba Inu highlighted that this new blockchain will drive the evolution of its ecosystem, bringing with it new solutions and innovations. For example, Shibarium will optimize the Shiba Inu blockchain ecosystem for the development of decentralized finance (DeFi). The new network too will provide an expanded development framework and new functionalities that will welcome new applications and use cases related to the metaverse, NFTs, games, social networks and Web3 within this blockchain ecosystem.
Shibarium will integrate the SHIB, LEASH and BONE tokens, native to the Shiba Inu ecosystem. Of these assets, BONE will be the token used to pay for gas transactions and reward validators and delegates within the Shibarium protocol.
Soon, Shiba Inu developers will release a technical document with more details about Shibarium and how it works. In this document, the blockchain developers will explain to the community how they can be part of Shibarium, participating as validators or delegates in the new network.
Shibarium's official release date to be defined
Although the Shiba Inu developers are willing to share all the details of Shibarium, at the moment, there is no specific date for the official launch of the new network. However, it is worth noting that the arrival of a beta version for this new side blockchain allows the Shiba Inu developers to finalize the details for its imminent launch.
The Shiba Inu developers also remind the crypto community that the development of new projects requires time and resources to ensure optimal and secure operation for everyone. Shibarium was initially planned to launch in the middle of last year.
How does Shibarium affect the price of SHIB?
Following the announcement by the Shiba Inu developers about the beta version of Shibarium, the price of the SHIB token, native to this blockchain ecosystem, has risen 3,25% daily and 21,47% weekly. SHIB price is trading on the CoinMarketCap platform over $ 0,0000105 dollars, at the time of writing this article.
SHIB's monthly growth has been almost 30%, according to data from the same cryptocurrency price monitoring platform.
The rest of the cryptocurrencies on the market have also seen a significant increase in their prices, such as Bitcoin (BTC), the world's main cryptocurrency, which is trading above $21.130 per BTC.
Ethereum (ETH), Polygon Network (MATIC), Cardano (ADA) and other Top 10 cryptocurrencies have seen an increase between 10% and 21% in the last 7 days. Similarly, other dog-themed cryptocurrencies, such as Dogecoin (DOGE) and the Shiba DAO governance token, BONE, have risen between 11,3% and 14,2%, respectively, according to CoinMarketCap.
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