Shibarium, a Shiba Inu-based layer 2 blockchain, is scheduled to begin its operations next month. Originally considered a memecoin, SHIB is now making a serious move as it unveils Shibarium.
Enhanced Token Utility on Layer 2 Network
Shibarium’s layer 2 network will employ bone, treat, shib, and leash tokens to power applications built on the blockchain. This heightened token utility could potentially drive their prices upwards as demand grows.
Ethereum Bridge Goes Live for Public Testing
In a significant development, a bridge connecting the soon-to-be-launched Shibarium and Ethereum is now live for public testing. Users can now transfer tokens between these two networks. Initially, the bridge allows the transfer of testnet ether tokens to Shibarium. Each transfer is expected to take up to 30 minutes. As of now, real assets are not supported for transfer.
Layer 2: Off-Chain Systems to Improve Scalability
Layer 2 systems, operating as separate blockchains on top of layer 1 protocols like Ethereum, aim to alleviate scalability and data-related challenges. By bundling multiple off-chain transactions into a single layer 1 transaction, they reduce data load and associated fees.
DoggyDAO to Fund Projects on Shibarium
DoggyDAO, a decentralized autonomous organization (DAO) run and governed by token holders, is also set to kick off its operations in conjunction with Shibarium’s launch. It will play a key role in funding projects developed on the blockchain.
Brisk Demand Indicated on the Testnet
Shibarium’s testnet has witnessed significant activity in recent months, recording around 27 million transactions from an estimated 16 million wallets as of July. This robust demand bodes well for the network’s future prospects.
Metaverse and Gaming Applications to Take Center Stage
Developers have emphasised Shibarium’s focus on metaverse and gaming applications, capitalising on the anticipated growth in the non-fungible token (NFT) sector in the coming years.