Shiba Inu, a true phenomenon of the crypto and blockchain space, has launched its own mainnet — Shibarium. This release falls in line with the other actions taken by the ecosystem, all of which aim to create a comprehensive crypto platform for a thriving community.
Shibarium is a blockchain layer 2 solution. But, before I talk about it and what it offers, let’s first look at what is the Shiba Inu cryptocurrency.
What Is Shiba Inu (SHIB)?
The Shiba Inu cryptocurrency has emerged as a unique and intriguing player in the ever-evolving world of digital assets. Rooted in homage to the Shiba Inu dog breed, Shiba Inu has garnered attention for its unique community-driven approach. Originally introduced as an experiment in the decentralized realm, Shiba Inu gained acclaim and fame as a “Dogecoin killer.” Shiba Inu’s journey took a significant turn with the announcement of the ShibaSwap decentralized exchange, offering users a platform to trade, stake, and participate in yield farming. This elevated the coin above its status as just another meme coin.
At the heart of Shiba Inu’s ecosystem is the concept of “Shiba Eternity,” envisioned as a metaverse where virtual reality and blockchain transactions intertwine. This vision was briefly outlined in a now-deleted blog post that hinted at the creation of a virtual world where Shiba Inu holders could interact with their tokens and participate in immersive experiences. Although the specifics remain a mystery, the idea underscores Shiba Inu’s ambitions to extend beyond the boundaries of traditional cryptocurrencies and explore innovative avenues of engagement.
With new features and projects like Shiba Eternity and the ShibaSwap decentralized exchange, Shiba Inu is carving a niche for itself as a project that’s not only about the journey but also the experiences it offers to its dedicated community of supporters.
How Does Shibarium Work?
Shibarium stands as a beacon of innovation within the blockchain realm, presenting a layer 2 solution developed by the Shiba Inu project. This visionary approach aims to reshape the dynamics of transactions within the cryptocurrency arena. Operating as a layer 2 blockchain, Shibarium functions in tandem with Ethereum’s primary blockchain (layer 1) to introduce a transformative solution to long-standing challenges.
The primary goal of Shibarium is to address the key pain points that have historically hindered Ethereum’s full potential. This includes the infamous gas fees that often deter users from engaging in transactions and the frustratingly sluggish confirmation times. Shibarium, by design, offers a remedy to these issues by presenting a more scalable and cost-effective platform for transactions. As a result, users can experience faster transaction processing and significantly reduced fees, these conditions redefining the user experience and bolstering Ethereum’s usability.
What sets Shibarium apart is its layer 2 nature, where it operates as an extension of Ethereum’s blockchain. By doing so, it takes on the heavy lifting of processing transactions, effectively alleviating the congestion that often bogs down Ethereum’s main network. This not only enhances transaction speed but also contributes to a more eco-friendly and sustainable blockchain ecosystem.
However, while Shibarium’s mission is crystal clear, its intricate technical workings remain shrouded in secrecy during its developmental phase. The anticipation surrounding Shibarium’s launch has captured the attention of the Shiba Inu community, signaling a shift from a “meme coin” reputation to a formidable contender in the decentralized finance landscape. As Shiba Inu’s lead developer, Shytoshi Kusama, continues to fine-tune Shibarium’s mechanics, the crypto world awaits its official unveiling and promised benefits.
At the time of writing, the Shiba Inu team was planning a Shibarium relaunch following some initial challenges surrounding the mainnet’s original launch on August 16, 2023. They have announced some changes that will be made to the layer 2 network before the team can kickstart the process of relaunching Shibarium:
- Vigorous testing has been done to ensure the network can continue producing blocks in an enhanced and optimized way.
- Shibarium is set to introduce a new monitoring system.
- The Shibarium team has announced that it will add additional fail-safes / safeguards that will help boost the efficiency of traffic processing. For example, rate limiting at the RPC level and auto server reset in case of major traffic increases.
- Shytoshi Kusama disclosed that after several days of tweaking parameters, the mainnet is almost ready to leave private mode.
The Benefits of Shibarium as a Layer 2 Solution
Shibarium introduces a groundbreaking approach to enhance blockchain scalability and efficiency through its layer 2 solution. Layer 2 solutions are built atop existing blockchain networks to amplify speed and capacity. Built on Ethereum’s foundation, Shibarium operates off the Ethereum main chain, considerably easing the network load and resulting in quicker transaction processing and reduced fees. This advancement is set to transform transactions within the Shiba Inu ecosystem, making it more user-friendly and accessible.
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What Is the Shibarium Coin?
There are several Shiba Inu ecosystem tokens, and it can be quite a hassle to figure out which one does what. Here’s a brief rundown of the network’s cryptocurrencies and their functions:
- SHIB is the native token of the ecosystem, and the most famous one. It is used for payments and will be burned after Shibarium transactions.
- BONE tokens are used for governance within the Shiba Inu ecosystem. This governance token will also be used for gas payments (the transaction fees) on Shibarium, doubling as a utility token.
- TREAT is a token that is yet to be launched at the time of writing.
- LEASH tokens are held by Shiba Inu VIPs and give them access to extra benefits. LEASH was originally intended to be a rebase token.
What Does Shibarium Mean for Shiba Inu?
Shibarium holds immense significance for Shiba Inu, spanning various pivotal aspects that promise to enhance the project’s capabilities and future prospects. It plays a crucial role in addressing challenges such as transaction efficiency, cost-effectiveness, token utility, and the creation of decentralized applications (dApps) as well as blockchain games. All of these will collectively strengthen Shiba Inu’s position in the ever-evolving crypto landscape.
Although its launch was rather rocky, Shibarium still has a lot of potential to immensely raise the innate value of Shiba Inu as a cryptocurrency. Cheaper transactions are already a huge boost on their own, and it’s just one of the benefits token holders will get with the release of this mainnet.
It’s also a sign that the Shiba Inu team is more than willing to add real utility to both their network and native coins, which is good for the project’s long-term prospects. However, only time will tell how Shibarium will transform the Shiba Inu ecosystem and the SHIB metaverse with all its features — so be cautious when planning your investments in SHIB or any other token related to the network and, as always, DYOR.
What is the difference between Shiba Inu and Shibarium?
The words “Shiba Inu” in crypto space can refer to two things, either a cryptocurrency (SHIB) or the ecosystem. Shibarium is a layer 2 scaling solution that belongs to the Shiba Inu network. It has already been launched following a successful Shibarium beta.
How much SHIB will Shibarium burn?
Shibarium is planning to burn around 5 trillion SHIB tokens every month.
When is Shibarium launching?
Shibarium was originally launched on August 16, 2023. That’s the mainnet’s official release date.
Where to buy Shibarium coin?
You can buy SHIB, the Shiba Inu cryptocurrency, on most major exchanges, including our platform.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.