Shiba Inu, a true phenomenon of the crypto and blockchain space, has a layer-2 solution — Shibarium. Its launch fell in line with the other actions taken by the ecosystem, all of which aim to create a comprehensive crypto platform for a thriving community.
Shibarium was launched on the Shiba Inu mainnet on August 16, 2023. But, before I talk about this project and its benefits, let’s first answer another question: What is the Shiba Inu cryptocurrency?
What Is Shiba Inu (SHIB)?
The Shiba Inu cryptocurrency, inspired by the Shiba Inu dog breed, is one of the most distinct and interesting digital assets currently available on the crypto market. Besides the association with an adorable dog breed, this crypto’s biggest attraction is its community-driven development model. The Shiba Inu community is one of the most driven and passionate in the crypto industry, always ready to stand up for SHIB — the Shiba Inu token.
Initially conceived as a decentralized experiment, the Shiba Inu project rapidly achieved recognition, positioning itself as a contender to Dogecoin. An important milestone in its trajectory was the launch of ShibaSwap, a decentralized exchange platform. This development provided users with opportunities for trading, staking, and yield farming, thereby transcending its original perception as merely a meme-based digital currency.
At the heart of Shiba Inu’s ecosystem is the concept of “Shiba Eternity,” envisioned as a metaverse where virtual reality and blockchain transactions intertwine. This vision was briefly outlined in a now-deleted blog post that hinted at the creation of a virtual world where Shiba Inu holders could interact with their tokens and participate in immersive experiences. Although the specifics remain a mystery, the idea underscores the project’s ambitions to extend beyond the boundaries of traditional cryptocurrencies and explore innovative avenues of engagement in the Shiba Inu universe.
With new features and projects like Shiba Eternity and the ShibaSwap decentralized exchange, Shiba Inu is carving a niche for itself as a project that’s not only about the journey but also the experiences it offers to its dedicated community of supporters.
What Is Shibarium?
Shibarium is an advanced blockchain platform that was specifically designed to enhance the Shiba Inu cryptocurrency ecosystem. It represents a strategic evolution in Shiba Inu’s development, aiming to provide a more efficient, scalable, and user-friendly blockchain experience.
When Did Shibarium Launch?
Shibarium’s release date was on August 16, 2023. However, its launch didn’t exactly go smoothly, and the layer-2 solution had to have a relaunch soon after. Here’s a brief timeline of everything that happened:
August 16, 2023: Shibarium, the layer-2 network of Shiba Inu, initially faced operational challenges due to high traffic immediately after its mainnet launch, which led to a temporary shutdown. The project’s lead developer, Shytoshi Kusama, indicated that more network validators would be added to accommodate the increased activity. Shibarium was taken into private mode for optimization and security enhancement.
August 25, 2023: Shibarium was relaunched successfully, reaching over 50,000 wallets. The relaunch led to an increase in the price of BONE, the token associated with Shibarium’s gas fees.
August 28, 2023: The Shibarium ecosystem surpassed 100,000 wallets with more than 420,000 transactions across its platform within 24 hours after the relaunch.
After August 2023: Following the relaunch, efforts were made to scale the server infrastructure by 1,500% to better manage congestion and optimize the network’s performance. This included the introduction of new monitoring systems and additional fail-safes.
How Does Shibarium Work?
As a layer 2 solution, Shibarium operates atop the existing Ethereum blockchain, intending to streamline transaction speeds and reduce costs, issues often encountered in conventional blockchain systems. This innovation is poised to bolster Shiba Inu’s functionality and utility, marking a pivotal step in its journey beyond the realm of meme-based digital currencies. Shibarium’s introduction reflects a commitment to continuous growth and adaptation within the ever-evolving landscape of digital assets.
The primary goal of Shibarium is to address the key pain points that have historically hindered Ethereum’s full potential. This includes the infamous gas fees that often deter users from engaging in transactions and the frustratingly sluggish confirmation times. Shibarium, by design, offers a remedy to these issues by presenting a more scalable and cost-effective platform for transactions. As a result, users can experience faster transaction processing and significantly reduced fees, these conditions redefining the user experience and bolstering Ethereum’s usability.
To accomplish its goal of transforming SHIB from a high-supply meme token into a more utility-focused asset, Shibarium also incorporates mechanisms for burning SHIB tokens. This initiative is part of Shibarium’s broader strategy to support the development and deployment of decentralized applications (dApps), fostering growth in the decentralized finance (DeFi) space.
In response to the initial challenges faced by the network, the Shibarium team significantly scaled the server infrastructure, increasing it by 1,500%. This move was designed to improve the layer-2 solution’s ability to handle large volumes of transactions and ensure better overall performance and stability.
The Shiba Inu team, led by developer Shytoshi Kusama, is actively working on fine-tuning Shibarium’s intricate technical aspects, with a focus on creating a robust and efficient network.
The Benefits of Shibarium as a Layer 2 Solution
Shibarium introduced a groundbreaking approach to enhance blockchain scalability and efficiency through its layer 2 solution. Layer 2 solutions are built atop existing blockchain networks to amplify speed and capacity. Built on Ethereum’s foundation, Shibarium operates off the Ethereum main chain, which considerably eases the network load and results in quicker transaction processing and reduced fees. This advancement is set to transform transactions within the Shiba Inu ecosystem, making it more user-friendly and accessible.
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What Is the Shibarium Coin?
There are several Shiba Inu ecosystem tokens, and it can be quite a hassle to figure out which one does what. Here’s a brief rundown of the network’s cryptocurrencies and their functions:
- SHIB is the native token of the ecosystem, and the most famous one. It is used for payments and will be burned after Shibarium transactions.
- BONE tokens are used for governance within the Shiba Inu ecosystem. This governance token is also used for gas payments (transaction fees) on Shibarium, doubling as a utility token.
- TREAT is a token that serves multiple purposes in the Shiba Inu ecosystem, including but not limited to providing liquidity to the SHI Stablecoin, replacing BONE as the reward token for ShibSwap, and more.
- LEASH tokens are held by Shiba Inu VIPs and give them access to extra benefits. LEASH was originally intended to be a rebase token.
What Does Shibarium Mean for Shiba Inu?
Shibarium holds immense significance for Shiba Inu, spanning various pivotal aspects that promise to enhance the project’s capabilities and future prospects. It plays a crucial role in addressing challenges such as transaction efficiency, cost-effectiveness, token utility, and the creation of decentralized applications (dApps) as well as blockchain games. All of these will collectively strengthen Shiba Inu’s position in the ever-evolving crypto landscape.
Although its launch was rather rocky, Shibarium still has a lot of potential to immensely raise the innate value of Shiba Inu as a cryptocurrency. Cheaper transactions are already a huge boost on their own, and it’s just one of the benefits token holders got with the release of this mainnet.
It’s also a sign that the project team is more than willing to add real utility to both their network and Shiba Inu coins, which is good for the project’s long-term prospects. However, only time will tell how Shibarium will transform the Shiba Inu ecosystem and the SHIB metaverse with all its features — so be cautious when planning your investments in SHIB or any other token related to the network and, as always, DYOR.
What is the difference between Shiba Inu and Shibarium?
The words “Shiba Inu” in crypto space can refer to two things, either a cryptocurrency (SHIB) or the ecosystem. Shibarium is a layer 2 scaling solution that belongs to the Shiba Inu network. It has already been launched following a successful Shibarium beta.
How much SHIB will Shibarium burn?
Although there is no exact information about this, there are rumors that Shibarium might burn around 5 trillion SHIB tokens every month. Such a huge reduction in total token supply can lead to sizable price movements.
When is Shibarium coming out? Shibarium launch date
Shibarium was originally launched on August 16, 2023. That’s the mainnet’s official release date.
Where to buy Shibarium coin?
You can buy SHIB, the Shiba Inu cryptocurrency, and the BONE token on most major exchanges, including our platform.
Is Shibarium a coin?
No, Shibarium is a layer-2 blockchain solution, not a cryptocurrency. The native coins of the Shiba Inu project are SHIB, BONE, TREAT, and LEASH.
What will Shibarium do for Shiba Inu?
The Shiba Inu ecosystem greatly benefits from Shibarium thanks to reduced transaction costs, faster transaction times, and alleviated congestion on the Ethereum network. Additionally, this layer 2 solution facilitates the development and deployment of decentralized applications (dApps), potentially increasing the utility and value of SHIB and other tokens in the ecosystem.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.