- The developers of Shiba Inu (SHIB) project shared some insights into the upcoming Layer 2 project called Shibarium.
- By lowering the fees and improving transaction speed, the Shiba Inu developers plan to “revolutionize the Shiba ecosystem.”
- The Layer 2 blockchain protocol will serve the “metaverse, web3 innovation, and gaming” industries.
- Following the update from developers, the price of Shiba Inu (SHIB) jumped almost 4% and it is priced at $0.00001043.
For the past few months, when the entire crypto industry has been experiencing a stagnant market trend and reduced development activity due to the collapse of many crypto giants, the general interest in meme coins has gone down drastically. Meme projects like Shiba Inu (SHIB), Dogecoin (DOGE), and Floki Inu (FLOKI) are all down significantly from where they were in the 2021 market bull run.
In an announcement, the developers of the second-largest meme coin in the crypto space by market capitalization, Shiba Inu (SHIB), shared some insights into the upcoming Layer 2 project and also confirmed that the blockchain will be undergoing major changes this year and won’t remain a meme token forever.
Shibarium, the Layer 2 blockchain to be built on top of the Ethereum Network, aims to “fulfill Ryoshi’s vision and provide the community with a tool to build and grow the project on their own terms.” Moreover, “Shibarium’s layer 2 is a collective blockchain that scales and invites solutions, innovation, and security to the Decentralized Finance Space.”
“This blockchain (L2) runs on top of the Ethereum blockchain, which the SHIB ecosystem tokens (SHIB, LEASH & BONE) utilize. A Layer 2 blockchain provides the benefits of scalability, faster transaction times, lower fees, and an expanded development framework,” reads the blog.
By lowering the fees and improving transaction speed, the Shiba Inu developers plan to “revolutionize the Shiba ecosystem” and remove the entry barriers that these issues present for blockchain developers.
The developers stated that Shibarium is not an attempt to boost the price of the Shiba Inu (SHIB) token, but it is being created to improve the experience of the developers and projects on the blockchain. The Layer 2 blockchain protocol will serve the “metaverse, web3 innovation, and gaming” industries “primarily due to the commonality of scalability and performance limitations of current existing blockchain networks.”
Moreover, the developers revealed that Shibarium will “work on top of existing blockchain networks, allowing for faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain.” Therefore, the Layer 2 solution will reduce the load on the Ethereum network and provide a better experience to the Shiba Inu community.
🍖 Introduction to Shibarium: Shiba Inu’s Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.
Read more: https://t.co/xWyPaVlQQ4
— Shib (@Shibtoken) January 15, 2023
It is also crucial to note that the developers have yet to reveal the official release date of the solution. However, they plan to make the release happen “soon.” Moreover, as per the announcement, a key feature will be introduced that SHIB investors have been demanding for a very long time, and that is the burn feature.
The developers revealed that “all transactions on the network will have an implicit burn amount for the SHIB token.” This burn mechanism will be triggered any time a transaction is initiated in the network.
Following the announcement, the price of Shiba Inu (SHIB) token jumped almost 4% and at the time of publication, 1 SHIB was priced at $0.00001043 and the meme coin is up close to 15% in the past seven days.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.