Shibarium is a layer 2 solution for Shiba Inu, one of the most famous and popular meme coins in the cryptocurrency market, with a powerful community on social media, Shiba is working on many developments from exchanges like ShibaSwap to Non-fungible-toke (NFT) collections, holders of Shiba army are excited for the new release of Shibarium.
What is Shibarium?
Shibarium is a blockchain layer-2 solution that will help the Shiba Inu ecosystem in making faster transactions at v very low cost and many other improvements on the ecosystem.
it was proposed by the Shiba Inu creator Ryoshi in May 2021 in a blog post that has been deleted now.
What is Layer 2?
Layer-2 is the second chain on the existing blockchain, when we talk about blockchain it is Layer-1, Layer-2 helps the blockchain to improve transaction speed, and scalability. It also helps in the development of decentralized apps (dApps) and many more enhancements in blockchain technology.
Layer-2 to works to enhance the blockchain but it works parallel to layer-1 in the blockchain to improve it in many ways.
Layer 2 is divided into 2 parts
- Onchain solutions where all transitions will be done directly on the blockchain.
- Off-chain solutions, in this solution transactions, are doesn’t process in the blockchain they go through the mediator layer or node outside of the main chain
Why Shibarium and what are the benefits of Shibarium?
There are some benefits of Shibarium, such as reducing transaction costs, and efficiency in the Shiba Inu ecosystem, it will work in the company with Ethereum for transactions on the Shibarium.
On the Shiba, only 40% of the tokens have been burned, but Layer 2 will also burn the tokens to help in boosting the prices of the Shiba.
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Transaction will become easier and faster by implementing layer 2 solutions on the ecosystem and reducing the cost of transactions.
Shibarium aims to improve the performance of Dapps which will help Shiba apps and other decentralized apps.
The main goal of Shibarium is to make improvements in DApps for better development systems.
When will Shibarium release?
There is not any specific date mentioned for launching Shibarium on a blog post, but it is expected to launch in 2023, the developers of Shiba are working on it since April 2022.
This article is only the author’s view, do not take it as financial advice, or DYOR before investing in any assets.
Will shibarium burn Shiba tokens?
Shibarium, a layer 2 chain will burn Shiba inu tokens to help boost the price of Shiba inu.
What is Shibarium blockchain launch date?
Shibarium was proposed by an anonymous creator of Shiba Inu in a blog post, but it was not mentioned when it will be launched, it is expected that shibarium can launch in 2023