The Shiba Inu developer revealed that the Shibarium public beta platform will be launched sometime this week.
Plans for the Layer-2 platform were first announced in January of this year. It is seen as an important step for the Shiba Inu ecosystem from being a mere memecoin to providing a way for the SHIB community to access faster and cheaper transactions with greater scalability and enhanced security. The team behind the token revealed to be building Shibarium on top of the Ethereum network.
The upcoming Shibarium beta is for testing purposes only. As stated in its introductory blog, Shibarium's Layer 2 blockchain protocol is designed to leverage the Metaverse, Web3 innovation, and gaming. The team had earlier teased the possibility of more private transactions off-chain to attract more users.
The release of Shibarium is expected to increase the adoption of the SHIB token and solidify its status as a more serious project. Lead developer Shytoshi Kusama recently stated, "This will allow us to meet with the military and stay organized in the process. It will allow us to expand Shibarium's contacts with specialist firms and allow us to reset relationships with businesses we have contacted in the past. Ultimately, it will help We find the right validators."
Shibarium will also pave the way for token burns, where every transaction on the network “will imply a burnt amount of SHIB tokens.” Shiba Inu Ecosystem Tokens generate a positive return on development. While SHIB and LEASH have edged up 4.4% and 10.16% respectively over the past 24 hours, BONE, on the other hand, is up more than 20% over the same period.
