The people who made Shiba Inu were getting ready for the start of Shibarium blockchain, a much-anticipated Ethereum layer-2 network that uses SHIB tokens as transaction fees. A spokesperson told CoinDesk that this change was true.
Layer 2 networks work on top of a main blockchain like Ethereum.Their design aims to help users conduct transactions with greater speed and cost-effectiveness. Shibarium is joining a market that is getting more and more crowded. Around 50 other networks are competing for users by offering low fees in an ecosystem that focuses mostly on financial services and games.
The creation of Shibarium is part of a larger plan to make Shiba Inu a trustworthy blockchain project. The release of SHIB tokens occurred in August 2020. They quickly became one of the most valuable meme coins because of their connection to the Shiba Inu dog breed and the fact that they were based on Dogecoin.
But the creators are working on making the tokens more useful by putting in place the Shibarium network. They want to make a name for themselves in the world of decentralized finance, or “DeFi.”
In this network, different blockchain apps will utilize BONE, TREAT, SHIB, and LEASH tokens as essential components. As more people buy these tokens because of this move, their prices might go up.
Shibarium’s main focus is on metaverse and gaming apps, especially since the NFT market is expected to grow in the next few years. A key part of the network’s strategic direction is also its role as a low-cost settlement tool for DeFi apps that are built on top of it.
Along with the launch, token holders will run a decentralized autonomous organization (DAO) called “DoggyDAO.” The goal of this DAO is to provide funding for projects developed on the Shibarium platform.
During a testing phase, the developers created around 21 million wallets for SHIB tokens, demonstrating their popularity. This suggests that Shibarium could have a lot of network action soon after its launch.
The lead creator of Shiba Inu, who goes by the alias “Shytoshi Kusama,” talked about how important it is for tech to combine community involvement and decentralization. In a message to CoinDesk, they said that even though many tech projects offer full user interaction, these promises must be based on decentralization driven by the community. In this way, Shibarium stands out because it brings together these ideas, which is rare even among blockchain technologies.
Shibarium, being a proof-of-stake blockchain, requires validators and delegators to function. Validators run nodes, handle transactions, and make new blocks. This makes sure that the environment works and is safe.
Delegators have a part in the ecosystem because they help validators by staking tokens. Both validators and delegators receive a governance token called BONE as a recognition for their contributions. There are 250 million BONE coins in circulation.