Crypto

Shibarium News: What You Need to Know About the Shiba Inu-Based Layer 2 Blockchain

Shibarium is a layer 2 blockchain that is based on the popular meme cryptocurrency Shiba Inu (SHIB). Shibarium aims to provide a fast, scalable, and low-cost platform for SHIB and other tokens to run on. Shibarium is expected to go live in August 2023, after a major conference in Toronto, Canada. Here are some of the key facts and updates about Shibarium that you need to know.

What is Shibarium and How Does It Work?

Shibarium is a layer 2 blockchain that uses the Optimistic Rollup technology to improve the performance and efficiency of the Ethereum network. Layer 2 refers to a set of off-chain solutions that run on top of the main blockchain (layer 1) and handle transactions and computations without congesting the base layer. Optimistic Rollup is a type of layer 2 solution that bundles multiple transactions into a single proof and submits it to the main chain for verification.

Shibarium is designed to be compatible with the Ethereum Virtual Machine (EVM), which means that it can support any smart contract or decentralized application (DApp) that runs on Ethereum. Shibarium will also have its own native token, called BONE, which will be used for governance, staking, and fees on the network. BONE will be distributed to SHIB holders through a liquidity mining program.

Shibarium will also have its own decentralized exchange (DEX), called ShibaSwap, which will allow users to swap SHIB and other tokens with low slippage and high liquidity. ShibaSwap will also offer other features such as yield farming, staking, and NFT minting.

Why is Shibarium Important and What are Its Benefits?

Shibarium is important because it will enable SHIB and other tokens to overcome some of the limitations and challenges of the Ethereum network, such as high gas fees, low throughput, and scalability issues. Shibarium will offer several benefits to its users, such as:

  • Faster transactions: Shibarium will be able to process thousands of transactions per second (TPS), compared to Ethereum’s 15 TPS. This will reduce the waiting time and improve the user experience.
  • Lower costs: Shibarium will charge much lower fees than Ethereum, which can sometimes reach hundreds of dollars per transaction. This will make SHIB and other tokens more accessible and affordable to use.
  • Higher security: Shibarium will inherit the security and decentralization of Ethereum, as it will rely on its consensus mechanism and validators. This will ensure that SHIB and other tokens are safe from attacks and frauds.
  • More innovation: Shibarium will open up new possibilities and opportunities for SHIB and other tokens to create and launch new products and services on the network. This will increase the utility and value proposition of SHIB and other tokens.

What are the Latest Updates and News About Shibarium?

Shibarium has been making headlines in the crypto space recently, as it prepares for its launch in August 2023. Some of the latest updates and news about Shibarium are:

  • Shiba Inu’s lead developer, Shytoshi Kusama, revealed in a blog post on July 6, 2023, that Shibarium will be showcased at the upcoming ETHToronto hackathon and Blockchain Futurist Conference, which will take place on August 15-16, 2023. These events will serve as platforms for introducing Shibarium’s features, roadmap, partnerships, and community.
  • Shiba Inu’s price has been surging in anticipation of Shibarium’s launch, as well as due to other positive factors such as increased adoption, media attention, celebrity endorsement, and community support. SHIB has gained over 40% in the past week, outperforming Bitcoin and other major cryptocurrencies.
  • Shiba Inu’s community has been growing rapidly and enthusiastically, as more people join the “Shiba Army” and support the project. Shiba Inu has over 600K followers on Twitter, over 1 million holders on Etherscan, and over 200K members on Reddit. The community has also been actively participating in various campaigns, contests, donations, and discussions.

Conclusion

Shibarium is a layer 2 blockchain that is based on Shiba Inu (SHIB), a meme cryptocurrency that has become one of the most popular and influential tokens in the crypto space. Shibarium aims to provide a fast, scalable, and low-cost platform for SHIB and other tokens to run on. Shibarium is expected to go live in August 2023, after a major conference in Toronto, Canada. Shibarium has several features and benefits that will enhance the performance and efficiency of SHIB and other tokens, such as smart inverter, gentle breeze mode, FreshIN+, air engine, and WiFi control. Shibarium has also been making headlines in the crypto space recently, as it prepares for its launch and attracts more attention and support from the market and the community. Shibarium is a project that has a lot of potential and promise for the future of SHIB and the crypto industry.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button