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Shiba Inu Developers Reveal Shibarium Layer 2 Project Beta Version, Due This Week

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Shibarium BETA
Shibarium BETA

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Early on Wednesday, developers of Shiba Inu announced that the beta version of Shibarium blockchain’s layer 2 network is ready for release this week.

The Shibarium blockchain will primarily concentrate on metaverse and gaming applications. The non-fungible token (NFT) industry is expected to boom in the following years, and Shibarium aims to capitalize on this trend. Additionally, Shibarium is designed to serve as a low-cost settlement option for decentralized applications (dapps) developed on the network.

A beta testnet is a blockchain network operating similarly to the real-world blockchain. On the other hand, layer 2 pertains to a group of off-chain systems or separate blockchains built on top of layer 1 protocols. These layer 2 systems help alleviate bottlenecks in terms of scaling and data by combining multiple off-chain transactions into a single layer 1 transaction, leading to reduced data load and fees.

Launching the beta version could potentially strengthen the fundamental aspects of Shiba Inu, which initially emerged as a memecoin with a Shiba Inu theme during the previous bull market. Since then, the project has been striving to establish itself as a serious venture, having developed its blockchain network and Dapp ecosystem.

As a result of the confirmation of the beta version launch, the tokens within the Shiba Inu ecosystem experienced a surge in value on Wednesday. 

At the time of writing, the Shib price is trading at $0.00001103, and the total trading volume in the past 24 hours amounts to $523,027,916. The value of SHIB has increased by 0.58% in the last 24 hours, while it has decreased by 10.04% in the past seven days. With a circulating supply of 590 trillion SHIB, the market capitalization of Shiba Inu stands at $6,498,225,190.

Shibarium Update Improves Usability

Shiba Inu’s recent launch of its Metaverse and upcoming layer-2 scaling solution shows its dedication to becoming more than a novelty meme coin. As a result, SHIB has become one of the most promising cryptocurrencies to watch in 2023, with the potential for significant price growth.

If you’re considering investing in SHIB, you may wonder if it’s too late to get in on the action or if there is still room for new investors to profit in 2023.

The shibarium token is a derivative of the original Shiba Inu token. It is designed to address the issues associated with the original coin, such as its high volatility and the lack of a clear roadmap for its utilization. The Shibarium team has been actively working on establishing a Layer 2 network, a significant development for the token.

The upcoming update will enhance Shibarium’s position in the cryptocurrency market and simplify its usability. With the Layer 2 network’s capability to enable faster and less expensive transactions, Shibarium’s adoption and value will likely increase, enticing more developers to join the blockchain.

To maintain the security of the Shibarium blockchain, the validator verifies the validity of transactions and ensures adherence to network protocols. The validation process demands computational resources, and as compensation, validators will receive a small proportion of the network’s transaction fees and rewards.

The forthcoming Shibarium protocol, which will function as a Layer 2 network on top of Ethereum, could change that. Implementing Shibarium is expected to reduce latency on the Ethereum blockchain, enabling faster and more cost-effective transactions. Moreover, it is anticipated that Shibarium will support Shiba Inu as well as be used for gaming, NFTs, and the Metaverse. Additionally, Shibarium will introduce a burning mechanism that could potentially balance the supply and demand of Shiba Inu tokens.

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