Shibarium Blockchain, Powered by Shiba Inu, Set to Go Live in August

7 July 2023

in SHIBA

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What Developer Shytoshi Kusama has announced that the layer 2 blockchain Shibarium is ready to launch
Why Potential benefits of Shibarium to the Shiba Inu ecosystem include faster transaction speeds, lower fees, enhanced token usability, and ease of decentralized application development
What next It will go live after a conference in Toronto in August

The proposed launch of Shibarium has been widely anticipated by those involved with the Shiba Inu project and the broader blockchain community. According to the project’s lead developer, Shytoshi Kusama, the mainnet release will occur at the Blockchain Futurist Conference in Toronto, set to take place this August.

Shibarium has been in development for several months and is designed to provide an efficient scaling solution to supplement the Ethereum ecosystem. The testnet phase of the project, known as PuppyNet, has generated a considerable number of transactions.

Shibarium will be presented at the conference, alongside the unveiling of the completed Worldpaper. All Shib branded projects will also be introduced, and the L2 Shibarium is expected to be discussed and potentially released.

In addition, the event will mark the creation of DoggyDAO, a decentralized autonomous organization that will be managed by token holders. DoggyDAO is expected to provide funding for projects built on Shibarium.

Shibarium Release to Update The Entire Shiba Inu Ecosystem

Shibarium represents a significant development in the evolution of Shiba Inu from a meme coin to a project with its own blockchain network and decentralized application ecosystem.

Shibarium, a layer-2 blockchain network for Shiba Inu, is expected to introduce a decentralized exchange (DEX), a metaverse, and blockchain games like Shiba Eternity.

Despite the inherent challenges associated with memecoins, like Shiba Inu’s unpredictable price movements and inflation due to an abundant supply, the launch of Shibarium is aimed to provide some level of mitigation.

Potential benefits of Shibarium to the Shiba Inu ecosystem include faster transaction speeds, lower fees, enhanced token usability, and ease of decentralized application development.

Built on a proof-of-stake (PoS) framework, Shibarium aims to address scalability issues present in the Ethereum network, while retaining its connection to Ethereum.

Shibarium plans to increase SHIB transaction speeds by transferring them off the Ethereum blockchain, while maintaining security and introducing a burn mechanism to manage token supply.

The Shibarium ecosystem is set to include several coins such as SHIB, BONE, LEASH, TREAT, and SHI, each playing unique roles in governance, utility, staking rewards, incentivization, and stablecoin functionality.

SHIB Price Analysis

Price fluctuations within the Shiba Inu ecosystem have been varied over the past 24 hours. Data from Coinmarketcap indicates a 4.2% increase for BONE, a 0.7% decrease for LEASH, and a 5.5% decrease for SHIB, reflecting a broader market trend.

SHIB is currently trading between $0.0000071 and $0.0000078. To increase, the price would need to break through a supply barrier near the $0.000008 mark, which has seen significant buying activity.

Holders of large amounts of Shiba Inu have increased their holdings over the past month. Future developments like the complete decentralization plan by Shiba Inu’s lead, Shytoshi Kusama, and the upcoming launch of Shibarium may influence the price, but investors should always conduct their own thorough research.