Shiba Inu State Expands; Shibarium ETH Layer-2 Blockchain Goes Live

Share IT

Key Takeaways

  • The new L2 blockchain solution is designed to interact with the primary Ethereum layer-1 blockchain
  • Applications within the Ethereum layer-2 network will leverage BONE, TREAT, SHIB, and LEASH tokens.

After months of rigorous testing involving millions of users and the creation of a staggering 21 million wallets, Shiba Inu successfully launched the highly anticipated Shibarium mainnet on August 16th. This milestone ushers in a new era for the Shiba Inu community as it delves into Ethereum layer-2 scaling solutions.

Shibarium’s innovation is centered around a fresh consensus mechanism known as “proof-of-participation” (PoP). This unique approach selects validators proportionate to their cryptocurrency holdings, sidestepping the computational demands of conventional proof-of-work systems.

By adopting this strategy, Shiba Inu aims to achieve higher efficiency and scalability while mitigating the ecological impact often associated with mining activities. Moreover, this novel mechanism bolsters security measures through the integration of Self-Sovereign Identity.

In a pivotal move, the newly launched Shibarium mainnet is positioned to underpin the existing Shiba Inu ecosystem tokens, including the well-known SHIB and LEASH. Validators who engage in the layer-2 network will be rewarded with governance tokens named BONE. Notably, the BONE token has a fixed supply limited to 250,000,000 units.

Underpinning Shibarium’s technical prowess is swift transaction processing and minimal fees, thanks to its foundation on a proof-of-stake consensus mechanism. This configuration not only delivers seamless user experiences but also accommodates a wide spectrum of applications.

The network’s versatility is further accentuated by its support for BONE, TREAT, SHIB, and LEASH tokens, indicating a broad range of potential use cases. As the demand for applications within the ecosystem intensifies, the associated tokens stand to gain from heightened interest.

Of particular note is Shibarium’s distinct emphasis on metaverse and gaming applications, strategically aligning with the burgeoning NFT sector. As the NFT space gears up for exponential growth in the forthcoming years, Shibarium’s layer-2 capabilities are poised to galvanize innovation within this domain. 

A significant companion to the main net’s launch is the introduction of the “DoggyDAO,” a decentralized autonomous organization governed by token holders. This dynamic entity is poised to play a pivotal role in financing projects that harness the capabilities of the Shibarium ecosystem.

Despite recent price fluctuations, the Shiba Inu community’s enthusiasm remains undaunted. The ecosystem encompassing the cryptocurrency has rapidly expanded, encompassing the ShibaSwap decentralized exchange, the native BONE token, a metaverse, and a captivating Web3 game. The anticipation surrounding Shibarium’s launch propelled the price of SHIB to new multiweek highs, underscoring the community’s fervor.

Share IT
Saniya Raahath
Saniya Raahath

Get Daily Updates

Crypto News, NFTs and Market Updates

Claim Your Free Trading Guide

Sign up for newsletter below and get your free crypto trading guide.

Can’t find what you’re looking for? Type below and hit enter!