Shibarium: Layer 2 Blockchain Launching to Boost Shiba Inu's Ascent
According to a blog post by developer Shytoshi Kusama on Thursday, the highly anticipated layer 2 blockchain Shibarium is set to launch following a conference scheduled for August in Toronto. Layer 2 technology involves the utilization of off-chain systems or separate blockchains built on top of layer 1 protocols.
These off-chain systems address scalability issues by consolidating multiple off-chain transactions into a single layer 1 transaction, reducing data load and fees. Kusama stated that during the conference, the completed Worldpaper, all Shib-branded projects, and Treat would be showcased in detail for the first time. Additionally, the long-awaited L2 Shibarium is expected to be discussed and released.
The developer team will also introduce DoggyDAO, a decentralized autonomous organization (DAO) that will be operated and governed by token holders. DoggyDAO will serve as a funding source for projects built on the Shibarium network.
Shibarium's testnet, a blockchain used for testing purposes, has seen significant activity in recent months, with an estimated 20 million transactions from approximately 16 million wallets recorded as of June. This high level of activity on the testnet reflects the growing demand for the network.
Developers have emphasized Shibarium's focus on metaverse and gaming applications, particularly in light of the expected substantial growth of the non-fungible token (NFT) sector in the coming years.
The launch of Shibarium holds potential for shiba inu (SHIB), a meme coin initially inspired by the Shiba Inu breed of dog. SHIB has since aimed to establish itself as a serious project with its own blockchain network and decentralized app (dapp) ecosystem.
In the past 24 hours, movements in the Shiba Inu ecosystem tokens have been mixed. Bone (BONE) experienced a surge of up to 4.5%, while leash (LEASH) rose by 2%. However, SHIB tokens declined by 5%, following a broader drop in major tokens.
As the launch of Shibarium approaches, the cryptocurrency community eagerly anticipates the realization of its promised capabilities and the potential impact it may have on the market.