Layer 2 Blockchain Shibarium Gets A First Look From The Shiba Inu Team

Key Points:

• Shibarium, a new layer 2 network, will soon join the increasing competition of Ethereum-based blockchains like Arbitum and Optimism.
• In the coming weeks, a beta testnet, or blockchain that simulates real-world operation, is expected to go live.

The forthcoming Ethereum-based blockchain will be powered by ecosystem coins shiba inu, leash, and bone.

Shibarium, an upcoming layer 2 network, will soon join the ever-growing battle of Ethereum-based blockchains such as Arbitum and Optimism, all of which are attempting to overcome the concerns of scalability, speed, and cost. A beta testnet, or blockchain that simulates real-world operation, is anticipated to go live in the coming weeks.

Layer 2 refers to a set of off-chain solutions (independent blockchains) constructed on top of layer 1s to alleviate scale and data constraints. These combine many off-chain transactions into a single layer 1 transaction, lowering data load and fees.

Shiba Inu developers stated in an announcement that Shibarium would focus on metaverse and gaming applications, especially as the NFT sector is expected to heat up in the coming years, in addition to Shibarium’s use as a cheap settlement for decentralized applications (dApps) built on the network. The launch could help Shiba Inu, which was founded during the previous bull market as a Shiba Inu-themed memecoin and has subsequently attempted to present itself as a legitimate project with its own blockchain network and dApp ecosystem.

The move could strengthen the fundamentals of Shiba Inu‘s three ecosystem tokens: shiba inu (SHIB), leash (LEASH), and bone (BONE), which collectively have a market valuation of more than $5 billion. Each transaction on Shibarium will burn a certain number of SHIB tokens, however the exact number has yet to be determined. Burns are permanent removals of tokens from the overall supply.

Shibarium’s validators will lock up BONE in order to run the Heimdall validator, software that offers a transaction overview, and Bor block production nodes, a tool that lets Ethereum to be integrated into other networks. Validators are entities responsible for maintaining and approving transactions on any blockchain network.

The number of validators is restricted to 100. Validators must additionally bet at least 10,000 BONE, and all awards will be paid in BONE. Meanwhile, developers added in the post that a TREAT token will be created soon to incentivize liquidity pools on ShibaSwap, a decentralized exchange that leverages SHIB, and to give users with reduced network fees and better incentive strategies.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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