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Editing by Nathaniel Cajuday
- The developers of the popular meme coin Shiba Inu have announced that the beta testnet of Shibarium, a layer 2 network, is set to happen a few days from now.
- Shibarium is claiming to boost and give wider utility to the three tokens, namely SHIB, LEASH, and BONE.
- As the developers announced, the platform will focus on the metaverse, gaming applications, and NFT adoption with lower fees.
The beta testnet for the upcoming layer 2 network Shibarium, developed by the team behind the popular meme coin Shiba Inu, is set to be released in the coming weeks.
A beta testnet is a blockchain that mimics real-world functioning. Layer 2, on the other hand, is a set of off-chain solutions or a separate blockchain built on top of layer 1s, which helps reduce bottlenecks with scaling and data.
“We ask the community to please understand, that this phased release is not a matter of wen but a matter of developing Shibarium correctly, and introducing it responsibly. Avoid asking ‘wen,’ because the answer will always be a ‘soon’. Yet with that being said we are approaching the finishing touches for Shibarium’s Beta and its imminent launch,” the developers noted in their introductory post for Shibarium.
Through the launch of Shibarium, the SHIB ecosystem is expected to expand because the token will have a wider utility. The new layer will also allow for new services such as non-fungible token (NFT) adoption and lower transaction fees.
Also, according to the developers, the network would focus on the metaverse and gaming applications, citing that the NFT sector is expected to grow. Shibarium’s use as a cheap settlement for decentralized applications (dApps) built on the network is meant to address the high gas costs, which make it infeasible and prohibitively expensive for smaller transactions.
“Combined, web3 and Shibarium’s layer 2 blockchain technology can enable a new decentralized metaverse and gaming ecosystem, where players can interact and transact in a decentralized way and where players can own, buy and sell the digital assets they acquire,” they noted.
Moreover, Shibarium, aside from the meme coin, also claims to boost the other two ecosystem tokens, leash (LEASH) and bone (BONE). Each transaction on Shibarium will burn a certain amount of SHIB tokens, but the specific amount has not been decided yet.
Currently, $SHIB is up by 20% from the last 24 hours and is trading at $0.00001261. It has also been seen to perform well in the past week, where it went up by 36.5%, according to the data from CoinGecko.
What is Shiba Inu?
Shiba Inu (SHIB) was initially created to make fun of another meme cryptocurrency, Dogecoin (DOGE). However, following the hype and support of the community (called ShibArmy), it developed its own decentralized exchange (DEX) named Shibswap where its users could swap crypto for SHIB, stake SHIB, and earn interest through the DEX.
SHIB is on the Ethereum blockchain, unlike DOGE which has its own blockchain.
In 2021, SHIB was the most discussed cryptocurrency on Twitter during the month of October, according to the data compiled by ICO Analytics, a platform focused on new coins news and analysis. SHIB was able to top not only its rival Doge but also the leading cryptocurrencies Bitcoin and Ethereum.
This article is published on BitPinas: Shiba Inu Devs Launches Shibarium For More Utility to SHIB, LEASH, BONE
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.