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Shibarium is an anticipated layer 2 blockchain built on the Ethereum network, aimed at enhancing the scalability and performance of Shiba Inu. Shiba Inu is a memecoin, and this upcoming project is expected to transform it into its own ecosystem. This expansion program for the memecoin is aimed at transforming it into a full ecosystem that may even include decentralized exchange platforms, the metaverse, and blockchain games. One example of such a blockchain game is Shiba Eternity.
Memecoins are cryptocurrencies that were created for fun or as a parody of more serious cryptocurrencies such as Bitcoin, Ethereum, or other things. Due to the nature of memecoins, their prices are driven more by social media trends and community hype than by fundamental market factors such as demand and supply. These coins are typically quite volatile due to the influence of pop culture and social media. The total supply of Shiba Inus is 1,000 trillion. The Shibarium layer 2 blockchain project is aimed at reforming Shiba Inu as a multi-project and stable ecosystem.
While the Shibarium project is still in progress, a preview of the SHIB metaverse, which is part of the upcoming project, was exhibited at SXSW 2023 between March 13 and 15. One of the reasons for the delay in launching the project are the developers’ eagerness for an error-free version. Therefore, they are conducting lots of testing and exhibitions, probably to gather and consider feedback from observers.
The Benefit of Shibarium to Shiba Inu
Shibarium is anticipated to provide faster transaction times, a cheaper transaction cost, greater token utility, and easy decentralized application development.
Shibarium is expected to beat the Ethereum network, even though it is built on it, in the area of scalability. The Ethereum network still struggles with the problem of scalability, even after the recent upgrade to a proof-of-stake (PoS) blockchain. Shibarium is anticipated to stabilize SHIB’s value and turn Shiba Inu into a project with long-term potential.
Some Juicy Features of Shibarium
• Improved Transactional Speeds: Shibarium is expected to increase the transaction speed of Shiba Inu, thereby enabling the project to sustain significant growth.
• Lower Fee: Anyone using the Ethereum network has had difficulties with high transaction costs. Occasionally, the fees even exceed the cost of the transaction. But with the introduction of shibarium on the Ethereum network, it is likely that a gas fee will not be necessary.
• A Full Ecosystem: Apart from the fact that Shiba Inu is a memecoin, the Shibarium network will include a number of other features such as the metaverse, ShibaSwap, blockchain games, and others. This feature is expected to improve the liquidity of the coin.
• Increase in the Utility of the Token: In the Shibarium ecosystem, the token will become more useful for various functions.
The Functionality of Shibarium
Shibarium will remove a significant number of transactions from the Ethereum blockchain, thereby increasing the throughput without lowering security. The token-burning process is expected to aid in limiting inflation.
Shibarium is anticipated to manage transactions while keeping Ethereum’s security layer. Shibarium itself manages the majority of the potential deluge of transactions. This will lead to transactions that are both quick and secure.
Before Ethereum’s switch to proof-of-stake, a low amount of throughput caused network congestion and skyrocketing gas costs of $50–$80 per transaction. The merging process reduced the fees while increasing network throughput. Although the base blockchain must manage a number of initiatives that slow it down, the Layer 2 solution is still necessary.
The Shibarium portal will contain a system to burn SHIB tokens paid as fees for carrying out transactions, which will stop the inflation of the SHIB coin and cause its price to rise. The price of tokens will settle, and the number of coins in circulation will decline as a result.
Acceptable Coins in the Shibarium ecosystem
Based on the different roles that will exist in the ecosystem, there will be a number of coins. Apart from the SHIB token, the ecosystem will feature ERC-20, Bone, Leash, and some other types of tokens. While the ERC-20 fuels the ecosystem, Bone will be the governance token on the ShibaSwap. Bones will also be a useful token in the Shibarium ecosystem. Leash will be very useful for investors who want to stake their holdings.
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