The long-awaited Layer 2 blockchain solution for Shiba Inu, Shibarium is expected to be released soon. Today we discuss what Shibarium is and how it could affect the price of Shiba Inu. Get ready for Shibarium!
What is Shibarium?
Shibarium, a Layer 2 blockchain solution has been in the pipeline for quite some time now and the public version is expected to be released very soon. The goal of Shibarium is to take over a large portion of Shiba Inu (SHIB) transactions so that it does not solely rely on the Ethereum network. This will be a big step for the Shiba Inu network since the Ethereum network is known for high gas fees and slow transactions. Thus far it has posed a huge obstacle for the growth of the Shiba Inu ecosystem. Regardless of the fact that the network recently upgraded to a proof-of-stake network. In a nutshell, the Shiba Inu network wants to transition from a ERC-20 token on the Ethereum protocol to a self-sufficient network by improving the scalability aspect.
Shibarium will feature a metaverse, a DEX and various blockchain games.
Benefits of Shibarium
There are several benefits of the Shibarium Layer 2 solution:
• Lower fees, higher throughput
It is expected that Shibarium will introduce smaller transaction fees and increase throughput for the ecosystem’s users. This is the biggest advantage of most Layer 2 solutions.
• DApp accelerator
Decentralized applications (DApps) are a must for any crypto project looking to make an impact. Shibarium will be rolling out DApps on the network to become a one-stop crypto shop.
• Token utility
There are currently almost 589 370 billion SHIB tokens in circulation, according to CoinGecko. This is a very high number and poses a significant threat to its transformation into a utility token. With Shibarium a burning mechanism for SHIB will be introduced.
• Metaverse development
There are big plans to develop Shiba Inu into the Metaverse and it is said that Shibarium will play a big role in realising this vision.
How will Shibarium affect the SHIB price?
Shibarium should serve as a bullish catalyst for SHIB since the coin will have more use cases. It will also be more user friendly since it will feature faster transaction speed and lower cost.
How to buy SHIB on AltCoinTrader
On 29 October 2022, Shiba’s lead developer, Shytoshi Kusama tweeted “Head down working. Update coming soon and I think you will love it. #ShibaEternity #Shibarium #SHIBARMY”.