Shibarium’s Anticipated Introduction
The eagerly anticipated Layer 2 blockchain Shibarium is set to go live following a conference in Toronto in August, according to developer Shytoshi Kusama. Layer 2 refers to off-chain systems built on top of Layer 1 protocols that are designed to ease scaling issues and data bottlenecks. They achieve this by bundling multiple off-chain transactions into a single Layer 1 transaction, thereby reducing data load and associated fees.
“The completed Worldpaper will be displayed, and all Shiba Inu-branded projects will be published in detail for the first time,” Kusama shared. “In addition, it is highly likely that we will also discuss and release the long-awaited L2 Shibarium.” The Shibarium project, which has been in development for some time, will be given its first full public viewing at this event.
The DoggyDAO, a decentralized autonomous organization run and governed by token holders, will also be introduced at the same time to fund projects building on Shibarium.
Shibarium Testnet Activity and Projected Network Demand
The Shibarium testnet, a blockchain used for testing, has seen significant activity over the past few months. As of June, it has reportedly handled 20 million transactions from an estimated 16 million wallets. This high level of activity on the Shibarium testnet is an indicator of the anticipated demand for the network.
Developers have previously indicated that Shibarium would focus primarily on metaverse and gaming applications, especially as the non-fungible token (NFT) sector is expected to continue growing in the coming years.
Shibarium’s Launch and the Impact on Shiba Inu’s Position
The upcoming launch of Shibarium could reinforce the fundamentals of Shiba Inu, a meme coin themed around the Shiba Inu dog breed. Shiba Inu has been striving to establish itself as a serious project with its own blockchain network and dApp ecosystem, and Shibarium’s introduction could significantly contribute to this effort.
Shiba Inu ecosystem tokens have shown varied performance in the past 24 hours. As per CoinGecko data, BONE increased by as much as 4.5%, and LEASH rose by 2%, whereas SHIB tokens fell by 5% in line with a broader dip in major tokens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
