Shibarium, the Ethereum-based Layer-2 network developed by Shiba Inu, is preparing to launch.
About the Announcement of Shibarium
Recently, Shibu Inu announced the Beta release of Shibarium, an Ethereum-based Layer 2 network that will serve its ecosystem. The beta is currently in preparation and is expected to release in the coming weeks. The upcoming Layer 2 network Shibarium will struggle to solve scalability, speed, and overhead issues.
Shibarium Features
According to the announcement, Shibarium will be used to host decentralized applications. In addition, as the NFT sector expects to take off in the coming years, Shibarium will also be used for Metaverse and gaming applications. Each transaction that takes place on Shibarium will result in a certain amount of SHIB tokens being burned. The amount of SHIB to be burned has not yet been specified. The developments could strengthen three tokens in the Shiba Inu ecosystem with a total market capitalization of more than 5 billion dollars. These tokens are:
- Shiba inu (SHIB)
- Leash (LEASH)
- Bone (BONE)
How Will Shibarium Work?
Shibarium will lock a number of BONE tokens to run the nodes it will realize. This will be done through the Heimdall validator and Bor, a program that enables the integration of Ethereum into other networks. The number of validators will be limited to 100 slots, and validators will need to stake a minimum of 10000 BONE tokens. Shiba Inu developers said the following;
“The onboarding of these Validators will be done taking into account the experience, trust, knowledge and ensuring that these validators are committed to the health and integrity of Shibarium. The development team is currently evaluating potential gas fee rates for the blockchain network. The network’s gas fees are expected to be lower than the current fees on the Ethereum mainnet.”
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