Shiba Inu developers announced the imminent launch of the Shibarium test network

Layer 2 blockchain will help create a new decentralized meta-universe and gaming ecosystem

Shiba Inu developers announced the imminent launch of the Shibarium test network

The developers of the Shiba Inu token announced preparations for the launch of a test network called Shibarium. The second-tier blockchain will run on top of the first-tier Ethereum network. It is designed to provide scalability, faster transactions, lower fees and more opportunities for developers in the Shiba Inu ecosystem.

Shiba Inu cryptocurrency was created 2.5 years ago. The Ethereum blockchain token is named after Shiba Inu dogs. The project’s website calls the token itself “the Dogecoin killer,” and says that when creating it, its main goal was to surpass the total capitalization of Ilon Musk’s favorite coin (Dogecoin) without crossing the $0.01 per token price mark.

The developers claim that the project has now left the category of “meme” tokens and turned into a popular and actively growing ecosystem. At the same time, in terms of market capitalization, the token is in 16th place with an indicator of $6.1 billion. Dogecoin is now in 9th place with a capitalization of almost $11.6 billion.

The Shiba Inu team noted in its announcement that some members of the crypto community view Shibarium as a tool to “inflate” token prices, but that is not the goal of the project and has never been. They say the new blockchain will help reduce the load on the main network and improve the user experience in the meta-universe and gaming applications.

“The combination of web3 technology and Shibarium’s Layer 2 blockchain will be able to create a new decentralized meta-universe and gaming ecosystem in which players will decentralizedly interact and make transactions and own, buy and sell digital assets,” Shiba Inu said in the announcement.

Tier 2 networks are being created to extend the capabilities of basic Tier 1 blockchains. The developers of Shiba Inu say that Shibarium will be able to serve multiple layers of the blockchain, including the meta universe and games. The announcement also says that the new network will reduce the transactional burden on these parts of the ecosystem.

Shibarium will use SHIB, Leash and Bone tokens. Transactions on the network will be paid using the Shiba DAO management token, Bone, and it will also pay out rewards to participants who support the network and validators. Twenty million Bone tokens ($27 million) have been set aside for these payments.

A test network will be launched first. The developers don’t give an exact date, but they write of a “soon” launch. The main network will launch later, its launch will allow the team to integrate the decentralized crypto exchange ShibaSwap into Shibarium.

The developers also expect commissions on the new network to be lower than the current fees on the main Ethereum network. However, the announcement says that the team prefers to wait for the results of the analysis on the Shibarium test network to make sure the data is accurate before making a definitive announcement.

Last week, Polygon developers announced an imminent blockchain hard forward aimed at correcting the calculation of commissions on the network. The updаte is scheduled to launch on Tuesday, January 17.

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