Crypto meme project Shiba Inu prepares to leave its Layer 2 mark with ‘Shibarium’

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Many crypto experts have flagged “Layer 2” networks as an area to watch this year. But here’s one that might seem slightly out of left field to them, Shiba Inu’s “Shibarium.”

Wait, dog meme pieces, diapers 2? Yeah, it’s a bit What the Floki if you’re new here.

Anyway, for you, then dog coins like Dogecoin, like Shiba Inu, like Floki Inu, like, uh, BONK, some of them are extremely popular in the crypto world and have fanatical communities spreading the value, use case and usefulness of their preferred tokens. as being something akin to Bitcoin and Ethereum.

Why has the ##crypto community collectively decided that dogs are the only animal worthy of a meme coin? pic.twitter.com/zUvne0AyFP

— Altcoin Daily (@AltcoinDailyio) January 16, 2023

Meanwhile, Layer 2s (such as Polygon, Optimism, and Arbitrum) are essentially blockchains that sit and run on top of another blockchain (a Layer 1, like Ethereum) and are in part designed to help evolve the base layer of the blockchain.

If this makes absolutely no sense to you, then you may be in the wrong place, but perhaps you can delve further into Coinhead to glean more information on this crazy crypto stuff while your interest is at. half stitched.

But on Shibarium, which, yes, looks fancy and a bit silly at the same time, probably a deliberate choice.

Shibarium what the?

Like the vast majority of cryptos over the past week, the Shiba Inu SHIB token has seen quite an impressive surge (around 25% over 14 days) due to external market/macro factors such as cooling US inflation .

But what also helped was the great anticipation for Shibarium’s impending beta launch.

Simply incredible. The moment we’ve been waiting for is coming to ShibArmy and I couldn’t be more excited for the future of the ecosystem!

— JDs Updates (@jds_updates) January 15, 2023

On January 15, the project’s developers published blog posts stating that its Layer 2 network is “coming soon” and will bring a host of benefits to the Shiba Inu ecosystem, including lower network fees and faster transactions. .

Shibarium will also increase the use case for NFTs on the network largely due to lower transaction fees.

The “SHIB Army” community has been itching excitedly for months about this, with many expecting the upgrade to send the token skyrocketing again. Hopium-filled as it may be, history tells us that when SHIB works, it tends to work hard. (His comedowns aren’t pretty, though.)

In an attempt to temper the usual moon-lambo moss, however, the Shiba Inu developers wrote:

Patience is key, and some see Shibarium as a price-raising tool, but that’s not the goal of the project and never has been.

In the blog post, the team also explained that the project will be a phased release and that Shibarium’s native token, which is called BONE (+53% over 14 days), will be used to pay for gas transactions and reward validators and delegators within the Shibarium protocol.

They also recalled that there is a total supply of 250 million BONE, with 20 million “reserved to reward validators and delegators in the coming years, and that they are moving forward with a “burn mechanism “intrinsic to the SHIB coin.

The latter is particularly welcome news for SHIB holders as it means that when the network is used, a small portion of SHIB is burned, creating a deflationary effect designed to help drive up the price of the token. In theory.

Layer 2s may be “controversial developments”

eToro crypto and markets analyst Simon Peters gave us some thoughts via email this morning on the upcoming update.

“The most important aspect of Shibarium is to enable greater scalability and faster transactions for SHIB tokens,” the analyst wrote. “It also increases use cases for developers such as NFTs and providing transaction fees to counter spikes in gas costs on the network.

In addition to noting the benefits designed by Shibariums, Peters added:

“Introducing a Layer 2 chain into a crypto-asset ecosystem can be a controversial development.

“Typically, this is done when the original chain suffers from some issues, such as slow transaction times, and forces developers to create another network on top of the original to improve functions and performance.”

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