Shiba Inu developers revealed that the Shibarium public beta platform will be launched sometime this week.
The plan for the layer-2 platform was first unveiled in January this year. It was viewed as a major step for the Shiba Inu ecosystem from being a mere memecoin to offering a way for the SHIB community to access faster and cheaper transactions, with increased scalability and enhanced security. The team backing the token revealed building Shibarium on top of the Ethereum network.
The upcoming launch of the beta version of Shibarium is for testing purposes only.
As stated in its introductory blog, Shibarium’s Layer 2 blockchain protocols intend to tap the Metaverse, Web3 innovation, and gaming. The team had earlier also teased the possibility of going off-chain for more private transactions to attract more users.
Shibarium’s release is expected to increase the adoption of the SHIB token and strengthen its position as a more serious project. Lead developer Shytoshi Kusama recently stated,
“It’ll allow us to meet the army and remain organized in the process. It’ll allow us to grow Shibarium’s reach with professional companies, and allow us to reset our relationships with businesses that we’ve connected to in the past. Finally, it’ll help us find the right validators.”
Shibarium will also pave the way for token burning as such, every transaction on the network “will have an implicit burn amount for SHIB token.”
The Shiba Inu ecosystem tokens have reciprocated positively to the development. While SHIB and LEASH gained a modest 4.4% and 10.16% over the past 24 hours, respectively, BONE, on the other hand, rallied by more than 20% during the same period.
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