Shibarium blockchain is a new technology created by the Shiba Inu community to help solve the scalability problem on the Ethereum blockchain. It’s designed to be faster and more efficient than other layer 2 solutions like Optimism and Arbitrum. The main goal of Shibarium is to make it easier for Shiba Inu applications to handle many users without slowing down.
Shibarium is built on top of the Ethereum blockchain and has a built-in mechanism to help increase the price of the SHIB token. This will happen by burning some of the tokens, which will reduce the overall supply and increase demand. Originally, the Shibarium blockchain release date was planned for the third quarter of 2020, but the release date was changed. The Shiba Inu developer team recently announced that the public beta of Shibarium, called PUPPYNET, has been launched. It’s a decentralized network that the Shiba Inu community will use.
What is the Difference Between Shibarium & Shiba
Shibarium and Shiba are misunderstood as the same concept, while the reality is a bit different. No doubt they are related to each other, but their concepts are different. Shibarium blockchain is a Layer 2 built on an Ethereum network that is linked to Shiba. It is developed as a scaling solution for Shiba for affordable and faster transactions.
On the other hand, Shiba is a crypto token used as a gas for transactions. The dynamics between these two are the same, like Ethereum and ETH tokens, where token and blockchain network are two different concepts but connected.
When will Shibarium Launch
Based on the documentation, Shibarium is scheduled Shibarium blockchain launch date in May 2023. Currently, the technology is in its testnet phase, with more than 20,000 active users testing the native staking and validation features. If you’re interested in participating in the Shibarium testnet, you can do so through the Shibarium Beta page. So, it’s good news for those who are wondering, “When is Shibarium coming out?” Wait is over! It is releasing soon.
Shibarium Public Beta Is Live Now
The Shiba Inu community has launched a public beta of Shibarium, their new decentralized L2 network. The beta is called PUPPYNET and is now accessible through their official website. Shibarium was delayed for various reasons but was finally released, much to the community’s excitement. The lead developer of Shiba Inu, Shytoshi Kusama, believes that Shibarium can help modernize the outdated systems and control methods that are currently harming the community.
With PUPPYNET, anyone can build dApps, and integrate them into real-life businesses and power projects. However, Kusama warned that users should do their own research (DYOR) before using the network and that all tokens on PUPPYNET are not real.
What is Shibarium Blockchain
Shibarium Blockchain is a scaling solution created by Ryoshi, the creator of Shiba Inu. The purpose of Shibarium is to decrease Shiba Inu’s reliance on Ethereum, the chain it currently operates on, and to improve scalability and transaction speed.
When Shibarium is launched, the SHIB token will move to layer 2, which could help drive up the price of SHIB. This is why many crypto enthusiasts are eagerly awaiting the release date of Shibarium.
What is Layer 2 Solution
Layer-2 solutions are technologies used by blockchain protocols to make their underlying blockchain faster and more efficient. This is important because of the blockchain trilemma, which refers to the challenge of balancing security, scalability, and decentralization in a blockchain network. Understanding blockchain layers and how L2 solutions work is important, but we’ve it in detail in this article about the Shibarium blockchain release date.
How will Shibarium Work?
Shibarium goal is to increase transaction speed and efficiency while maintaining security by processing transactions and reducing the load on the Ethereum blockchain. This will lead to faster transactions without compromising security. Well, in the past, the low throughput of Ethereum led to network congestion, which increased the transaction fees. Ethereum’s throughput has now increased due to the introduction of PoS, but Layer 2 solutions are still necessary to handle the continuous stream of projects. It will help to decrease further slowdowns.
To prevent inflation and increase the value of the SHIB coin, Shibarium will implement a token burning mechanism. This mechanism involves sending tokens to one-way wallets that accept the tokens but do not release them, effectively taking them out of circulation. By continually burning coins, inflation is kept in check, and the price of tokens is stabilized.
What are the Benefits of Shibarium Blockchain?
The following are the benefits of the Shibarium 2-layer solution:
Secure
Shibarium blockchain is the best platform to store sensitive information due to its unparalleled security.
Transparency
Shibarium blockchain is a transparent blockchain that will let you track all the transactions and other activities.
Affordable
Blockchain is affordable as it offers free transactions without adding a middleman fee.
Efficient
It is an efficient platform that makes transactions fast and easy.
Utility Tokens of Shibarium
Shibarium crypto coin is a layer-2 solution for Shiba Inu. It’s3 tokens are SHIB, LEASH, & BONE. Let’s have a look at them and their release dates:
SHIB
The SHIB token is the primary currency of the Shiba Inu community, and it serves as the foundational token listed and incentivized on the community’s decentralized exchange, ShibaSwap. SHIB NFT release date was October 14, 2022.
LEASH
LEASH is another cryptocurrency created by the Shiba Inu community, designed to be a rebase token. LEASH was introduced as the second token to be incentivized on ShibaSwap, Shiba Inu’s decentralized exchange. Holders of the LEASH token can earn significant rewards for providing liquidity on the exchange.
BONE
Shiba BONE is a governance token launched by the Shiba Inu platform as the third token in its ecosystem. Its purpose is to bridge the gap between the platform’s other two tokens in terms of supply. Holders of BONE can participate in the platform’s governance by voting on proposals for the Doggy DAO. Shiba Bone token release date was July 17, 2021.
Will Shibarium Burn Shiba?
It’s uncertain how many SHIB tokens Shibarium will burn because it depends on how much people use the network and how much demand there is for block space within Shibarium. If lots of DeFi, Metaverse, and GameFi applications are developed within the network, billions of tokens could be burned, significantly reducing the initial supply of over 1 quadrillion tokens.
However, suppose Shibarium doesn’t gain enough traction and can’t compete with other Layer 2 solutions like Arbitrum and Optimism. In that case, the burn may not significantly impact the price or fundamentals of the SHIB token.
Prediction of Shibarium Token Price
Well, these are only predictions that SHIB can reach a price of $0.0000208179 by this year’s December. It indicates a potential increase from its current value of $0.000009956.
Conclusion
So, now you know that Sibha Inu’s Layer-2 solution, Shibarium, is launching soon. Hopefully, in this month. Well, we can’t say anything so sure about it, but Shytoshi Kusama, the lead developer of Shibarium, said they’re in go mode!
FAQs
Has Shibarium been released?
Not yet! However, the prediction of the Shabarium release date is this May.
Will Shibarium make Shiba Inu go up?
It can be expected that Shibarium will boost Shiba Inu’s or SHIB’s value by providing a secure, affordable, transparent, and efficient platform for trading SHIB.
Is Shibarium different from Shiba Inu?
Shibarium is a blockchain network, while Shiba Inu is a cryptocurrency. So, yeah, their concepts are different, but they both are connected.
How much will Shibarium burn?
The Shibarium burn mechanism will split into 70% that will be burned and 30% will be used to maintain the network.