Shiba Inu’s Ethereum Layer-2 Blockchain Shibarium Goes Live as Part of DeFi Growth Efforts
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Shibarium hopes users will flock to a low-fee ecosystem primarily focused on gaming and financial services.
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Ethereum Layer-2 will use BONE, TREAT and SHIB tokens to build applications on the blockchain. This could increase the price of these tokens if demand increases.
Shiba Inu developers will launch the Shibarium blockchain on Wednesday, a Layer 2 Ethereum network that uses SHIB tokens as fees. A AskFX representative confirmed this.
Layer 2s are networks that sit on top of a Layer 1 blockchain, in this case Ethereum. They aim to provide users with faster and cheaper transactions. Shibarium joins a crowded blockchain landscape. There are at least fifty other networks looking to lure in users with low fees in an ecosystem mostly focused on gaming and financial services.
Shibarium is part of an overall plan to establish Shiba Inu’s blockchain as a serious project. Released in August 2020, the popular SHIB tokens are modeled after the Shiba Inu dog breed and inspired by Dogecoin. They quickly became the largest meme coins by capitalization.
Shibarium is a network that developers have created to bring greater utility to tokens. They are trying to be able to participate in DeFi, which stands for decentralized finance.
As demand for these tokens increases, the network can use BONE, TREAT SHIB, and LEASH tokens to build applications on the blockchain.
Shibarium’s focus is on gaming and metaverse applications, especially as the NFT market is expected to grow over the next few years. The network is also used as a cheap solution to build DeFi applications.
Shibarium could see a rapid increase in network activity once it goes live due to the popularity of SHIB tokens. This is evidenced by 21 million wallets created as part of the test.
“Many people in the technology industry, both inside and outside the blockchain ecosystem, are promising ‘all uses’ and full interactivity for users in the world of ideas, products, services and other opportunities”, Shiba Inu developer “Shytoshi Kusama”. “, (a pseudonym), wrote in a letter to AskFX.
The developer said, “However, it is imperative that such a promise comes from both community and decentralization.” As part of one of the world’s most popular cryptocurrencies, Shibarium lives at the intersection of these two principles in a way that many others do not technologies and even many other blockchains.
Shibarium uses a blockchain based on validators and delegations. Validators are responsible for running nodes, processing transactions, and creating new blocks. They ensure the overall security and operation of the ecosystem.
Delegators support validators through the use of ecosystem tokens. Validators and delegators are rewarded for their engagement in this ecosystem with the governance token BONE. The total supply is 250 million.
