The Future Layer 2 Blockchain Solution for SHIB is called Shibarium.Table of Contents
The Future Layer 2 Blockchain Solution for SHIB is called Shibarium.
By CoinUnited.io Research Team
3 min read
Shibarium's major goal is to improve the scalability of Ethereum, Shiba Inu's host chain. Still, that's not all of it. Before leaving the crypto industry, Ryoshi, the designer of the Shiba Inu, wrote in a now-deleted blog post his hopes for the blockchain solution. Ryoshi also hoped that the Shibarium blockchain would persuade people that Shiba Inu is more than simply a meme coin and convince them to change it as an asset. Since the present bear market has caused the value of Shiba Inus to fall by 88% from its all-time high, that would be good news for some.
Layer 1 (Ethereum) and Layer 2 (a different protocol) will each handle a portion of the transactions (Shibarium). Though it may seem like it would slow things down, the reverse is true: Shibarium will handle the bulk of the workload, ensuring that Ethereum transactions don't crash the system. In order to increase the coin of their Shibarium, coin holders can eliminate supply by burning tokens using the cryptocurrency's built-in mechanism. Reportedly, Shibarium may implement a minimal transaction fee and burn SHIB tokens with the proceeds. This would make it possible for Shibarium to indefinitely burn tokens, propelling the value of SHIB upwards by an exponential and sustainable amount. For the uninitiated, restricting the supply of tokens in a blockchain increases the value of the remaining tokens. Tokens are "burned" when they are sent to wallets that will accept them but never release them.
For example: Ethereum's gas fees are notoriously high, even by crypto standard. Since SHIB is built on the Ethereum blockchain, users of Shiba Inus are feeling the squeeze, and a Layer 2 solution is the only way to fix the problem. Rapid, low-cost transactions are required for gaming, and they will be produced via improved efficiency. In addition, the effectiveness of Shibarium as a scaling solution may increase the SHIB ecosystem's appeal to major enterprises that do several transactions every day.
The Shibarium alpha testnet phase has already begun, with developers claiming success from a previous private launch. After a successful public testnet phase, engineers have declared the Layer 2 solution to be ready for widespread use. As the release of Shibarium on the Ethereum mainnet approaches, investors and would-be investors alike are keen to know the coin's firm release date. Months passed with developers promising it was close, but no firm date could be given due to uncertainty about how long work would take. Even though the exact date of release has not been announced, a picture is beginning to take shape: Principal developer Shytoshi Kusama told Twitter user @Hekadabighomie that the release of Shibarium is coming "soon." Similarly, Shibarium's developer, Unification Foundation, has promised that the platform's public beta will be accessible in Q3 2022. This would place the introduction of Shibarium before September 30.
Currently, Shiba Inu is viewed by many as a meme coin, or a cryptocurrency that serves as a meme by attracting a large audience that engages with it briefly before losing interest. People typically hold onto meme coins for a short period of time, hoping for an option increase before selling them at a profit. This practice is known as "pump and dump." Shibarium's burn mechanism will assist stabilize and increase Shiba Inu's price, diminishing the token's meme status. That this is feasible may be seen in historical examples: In the past, cryptocurrencies like Floki Inu that proved to be worthwhile investments were mocked as "meme coins" by naysayers. Token prices in the Shiba Inu ecosystem may also benefit from lower transaction fees, since this may lead to an increase in the volume of transactions and the recruitment of new crypto traders, both of which would increase demand for tokens.
The BONE token has been selected as the utility token for Shibarium, which will be used to crowdfund future cryptocurrency projects. It's important to note that there are many distinct tokens in the ecosystem, and that each one has its own unique set of features for helping token holders earn a profit. ShibaSwap is Shiba Inu's native decentralized exchange (DEX), allowing holders to buy and sell tokens, take part in governance, accumulate incentives, and acquire NFTs.
SHIB is the native token inside the Shiba Inu ecosystem, even if BONE is Shibarium's preferred utility token. SHIB is the first cryptocurrency that allows users to store trillions of tokens. The supply is limited to 1 quadrillion (1 000 000 000), hence there is no danger of running out. Token values have changed throughout time, but have never come close to even a single U.S. penny. But this also implies that Shibarium's sway may lead to exponential gains for investors.
The nickname "Doge Killer" given to LEASH is fitting. There is a maximum of 107,646 tokens available, much like there is a physical limit to the amount of freedom a dog may experience on its leash. Although LEASH was first created with the intention of serving as a rebase token (i.e., one used to stable other tokens within an ecosystem), its creators later opted to repurpose the token for other purposes.
In spite of its low liquidity, LEASH more than makes up for it with its other features. Token holders in the liquid liquidity can "bury" (stake) their LEASH tokens in an asset pool in exchange for incentives. When you unstake your stake, you can exchange your xLEASH tokens for SHIB.
Since BONE is ShibaSwap's governance token, its owners have a say in how the Shiba Inu ecosystem develops. BONE is a token with a maximum supply of 230,000,000 that is so highly appreciated inside the ecosystem that it is used to pay devs. Its cap is high enough to keep huge purchases by users while maintaining liquidity, but low enough that BONE's price doesn't keep active management. BONE's worth is intermediate between that of LEASH (which has soared into the hundreds of dollars) and SHIB (which has never even reached 1 cent). The available supply is lower than SHIB but much more than LEASH. Due to its status as the ecosystem's governance token, it also functions admirably as a utility token. Utility tokens are a form of cryptocurrency used for fundraising, thus it seems to reason that buyers would also have some say in the future development of the ecosystem. In a recent blog post, Ryoshi hypothesized that, since they wouldn't have to deal with global "whale bags," BONE will be a clear "0" starting point as the utility token for the Layer 2 solution.
If Shibarium succeeds, it will have far-reaching consequences for the Shiba Inu ecology. In addition to a growth in token value and increased efficiency, transactions will become cheaper and quicker. In addition, it will produce a decentralized exchange platform, which will result in more liquidity. Innovative applications of the blockchain's underlying technology will be implemented by developers. There is, however, little question that such applications will strengthen the ecosystem. One of the most exciting possibilities for the scaling approach is enabling more efficient metaverse application development, which might make Shibarium a formidable competitor.
Even while Shiba Inu was formerly thought to as little more than a meme coin, it has since outgrown that label. Tokens like LEASH and BONE have been spread to fulfill roles that SHIB alone couldn't, allowing the ecosystem to grow into something far larger than before. With its potential for speedier transactions, more security, and other benefits, Shibarium presents an opportunity to leverage on the ecosystem and help it flourish.
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