What is Shibarium? The Upcoming Layer 2 Blockchain Solution for SHIB

Shibarium is the latest buzzword in the world of cryptocurrencies, and it’s gaining popularity among the Shiba Inu community. But what is Shibarium, and how will it improve the Shiba Inu ecosystem? In this article, we will fully explore the Shibarium beta, its features, benefits, and overall importance to the Shiba Inu (SHIB) ecosystem.

What is Shibarium?

Shibarium is a term that has gained popularity in the world of cryptocurrencies, especially among Shiba Inu (SHIB) enthusiasts. It refers to the ecosystem built around the Shiba Inu token, a meme-based cryptocurrency inspired by the popular internet meme of a dog called Doge. Shibarium is a layer-2 blockchain solution that runs on top of Ethereum, its host chain, and aims to provide faster and cheaper transactions for the Shiba Inu ecosystem. Shibarium will also reduce the reliance of the SHIB ecosystem on the Ethereum Network. Although Shibarium is not entirely a blockchain, it is instead a layer that runs on top of the Ethereum Network.

How will Shibarium Work?

Shibarium, the new Layer-2 protocol for Shiba Inu transactions, aims to improve transaction speed and reduce network load by splitting transactions between the Layer-1 chain (Ethereum) and the Layer-2 protocol.

Despite having two systems in action, Shibarium is designed to handle a large number of transactions efficiently. This means that Ethereum transactions won’t cause delays in the SHIB ecosystem, resulting in a smoother user experience and reduced network congestion.

Essentially, Shibarium will act as a middle layer between the Ethereum Network and the Shiba Inu ecosystem. The transaction will first be sent to Shibarium, where it will be processed off-chain without putting pressure on Ethereum. Once processed, the transaction is then sent back to the Ethereum chain to be recorded on the blockchain. Shibarium will achieve its off-chain transaction at a lower fee and faster rate using a technology called rollups.

A rollup is a type of Layer-2 scaling solution that enables transactions to be processed off-chain and then bundled together and submitted to the Ethereum network as a single transaction. This way, the rollup technology reduces the amount of data that will need to be processed by the Ethereum network, resulting in faster and cheaper transactions.

Interestingly, in the case of Shibarium, rollups are used to process transactions off-chains (outside the Ethereum chain). A transaction will be sent to the Shibarium rollup solution when a user initiates a transaction. The rollup will then verify the transaction, and once it is verified, it will aggregate or bundle it together with other transactions that have been submitted to the rollup smart contract. Once the transactions are lumped together, rollup will generate a single transaction that is then sent to the Ethereum Chain.

What Changes does Shibarium Bring to Shiba Inu?

Shibarium is expected to propel Shiba Inu’s coin price by creating more use cases for the token via faster and lower-cost transactions. Shibarium promises several benefits for the SHIB ecosystem:

Increased Throughput

Shibarium aims to improve the throughput of transactions on the Shiba Inu network, providing users with faster and more efficient transactions. This is a common value proposition of Layer 2 solutions in the market today. Shibarium will help reduce Siba Inu’s dependency on the Ethereum blockchain. As more people jump on board with the Shiba Inu movement, the need for faster and cheaper transactions becomes increasingly important. Shibarium aims to provide lightning-fast transactions for the Shiba Inu ecosystem. This will be achieved by leveraging the power of Layer-2 technology, enabling Shibarium to process transactions off-chain and reduce the load on the Ethereum Network.

Lower Fees

Shibarium is expected to reduce gas fees, which are transaction fees on the blockchain, to a negligible level or even eliminate them altogether. This means that users can transact with Shiba Inu tokens at a lower cost, making it more accessible and affordable for users. The proceeds from the gas fees will be used to burn SHIB. The reduced gas fee is one of the biggest advantages of Shibarium. The high gas fee has been a problem for Shiba Inu holders and the ecosystem at large. With Shibarium, users will enjoy faster and cheaper transactions, making it more accessible to a wide range of users.

Token Utility

Shibarium will introduce a burning mechanism for SHIB tokens, which will help reduce the overall supply of SHIB tokens in circulation. This is important for transforming SHIB into a utility token, as the large supply of tokens has been a challenge in achieving this status. It is expedient to note that since the launch of the SHIB token, 41% of the token has been burnt to reduce the number of tokens in supply.

DApp Accelerator

Shibarium is envisioned to play a role in accelerating the development of decentralized applications (DApps) on the Shiba Inu network. DApps are gaining popularity in the blockchain space, and Shiba Inu aims to become a preferred platform for DApp development.

Metaverse Development

Shiba Inu plans to participate in the development of the Metaverse, which is considered the future of the digital world and a new way of connecting to the web. Shibarium will be a key component in enabling Shiba Inu’s presence in the Metaverse. Shibarium is anticipated as the first step to Shiba’s foray into the exciting world of Meterverse.

Shibarium Token System

Shiba Inu’s cryptocurrency ecosystem can be overwhelming for new investors due to the various tokens available. However, this article aims to clarify the purpose of each token and its connection to Shibarium.

• The original Shiba meme coin is Shiba Inu SHIB, with a current circulation of about 550 trillion SHIB, according to CoinMarketCap.
• BONE is Shiba Inu’s governance and utility token, with a limited supply of 250,000,000 coins. Holders of BONE can participate in voting on the project’s development and use it as the utility token for Shibarium.
• LEASH is the most expensive and rarest token, with a supply capped at just over 100,000 units. LEASH holders can earn rewards by staking their coins in liquidity pools.
• TREAT is the newest addition to Shiba Inu’s family, launched in the summer of 2022. TREAT offers various features, including rewarding token holders and its integration with ShibaSwap DEX. Additionally, TREAT will play a role in the upcoming Shiba Metaverse and the blockchain-based game of Shiba Inu.
• The SHI stablecoin is a part of Shiba Inu’s plan to transition to a utility ecosystem. Although there are not many details about this stablecoin, the Shiba Inu team has disclosed that TREAT will have some connection with it.

Shibarium will empower the Shiba Inu community with more use cases, on-chain Dapps, and products. The SHIB community will also be able to participate in governance as well as propose and vote on changes in the ecosystem.

Shibarium Launch Date

It is not clear when Shibarium will be launched as its launch date continues to be delayed. At the tail end of October 2022, the Shiba leader developer, Shytoshi Kusama, hinted at an upcoming launch. He later unveiled the Shibarium porter in February 2023. Similar messages of an update have continued to be circulated by Shiba followers. However, no one can tell for now when the much anticipated Layer-2 solution, Shibarium, will be launched.

Conclusion

Shibarium is the much anticipated Layer-2 solution developed on top of the Ethereum Network. The launch of Shibarium is expected to give the SHIB ecosystem a boost. It will also onboard several new Dapps and products. Shibarium is an exciting development for the Shiba Inu ecosystem. It will provide a decentralized, community-driven platform for Shiba Inu holders to trade their tokens, increasing liquidity, reducing dependency on Ethereum, and empowering the community. Shibarium is a game-changer for the Shiba Inu ecosystem. Its fast transaction speed, cost-effectiveness (low gas fees), and scalability make it an attractive option for both existing and new users.