- Besides faster transaction processing speed (tps) and reduced fees, Shibarium also offers several other benefits.
- SHIB’s anonymous lead developer, Kusama, states that the Shibarium launch would happen soon but declined to reveal any release date.
Despite its initial reputation as a meme coin, Shiba Inu is fast transforming into a value-based blockchain. However, it can only achieve this objective by becoming less dependent on legacy protocols like Ethereum. That explains the development of Shibarium, the network’s layer-2 blockchain solution.
The launch of the Shibarium means most SHIB transactions that take place on Ethereum will now happen on Shibarium. This is a significant development, given that high gas fees and low throughput capabilities are the top criticisms against Ethereum. Since Shiba Inu is built on Ethereum, these factors have significantly slowed down the growth of the SHIB network.
Despite Ethereum’s recent switch to a PoS network, its transaction speed has yet to improve significantly. Therefore, one of Shibarium’s aims is to leverage Ethereum’s security layer as a layer-2 solution and boost Shiba Inu’s scalability.
Shibarium’s benefits
Besides faster transaction processing speed (tps) and reduced fees, Shibarium also offers several other benefits. However, it is worth noting that the Shibarium launch will make transaction fees highly minimal. Also, most of these fees will be for burning SHIB tokens.
Token utility
Based on the information from the network team, Shibarium will offer a burning technique for SHIB tokens. One way to transform SHIB into a utility token is to reduce its supply in circulation.
Based on SHIBBurn data, more than 40 percent of SHIB tokens have been burned since the network’s launch. However, the tokens’ supply circulation is still too much and remains an obstacle to its use as a utility token.
dApps development
SHIB developers aim to ensure that Shibarium is one of the most sought-after networks for dApps development, especially as dApps (decentralized applications) are among the hottest discussion topics in the crypto space.
A role in the metaverse
The development team believes Shibarium can play an active role in the metaverse. Metaverse advocates call it the digital world’s future and a new way of interacting on the web. Meanwhile, SHIB’s anonymous lead developer, Kusama, states that the Shibarium launch would happen soon but declined to reveal any specific release date.
It is not the first time Kusama has stated that the Shibarium launch will happen soon. He has been repeating similar messages for many months. The launch of the Shibarium will likely boost SHIB’s price since it will create more use cases for this token.
There will be more use cases for SHIB because transaction processing speeds are faster and more cost-effective. Hence, the SHIB community expects SHIB to trade at $0.01 once Shibarium launches. In a related development, SHIB developers state that the release of the much-anticipated Shiba Eternity game early last month is part of the testing phase of Shibarium’s performance.
The vision of the pseudonymous SHIB creator, Ryoshi, was for BONE whale holders not to have any upper hand compared to other bone holders. However, that vision couldn’t happen because BONE was the reward token for the ShibaSwap DEX. Also, the current information on the network’s website states that BONE will be the primary utility token for Shibarium.
BONE is SHIB’s utility token, and its holders can vote on project development. It has a supply cap of 230 million coins.
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