Shiba Inu is definitely one of the most popular meme coins. For everyone interested in it, it will be nice to know that the team behind Shiba Inu continuously develop the digital currency.
What is Shibarium?
Shibarium was proposed by Ryoshi - the anonymous creator of Shiba Inu, about 2 years ago. The intentions behind the project are to build a blockchain layer-2 solution on the Ethereum blockchain. The goal is to transform Shiba INU from a memecoin, into a complete ecosystem, including a decentralized exchange, a metaverse and blockchain games.
Although there still isn’t a release date for the Shibarium project, there already has been an alpha preview of some parts of the project/
What does this mean for Shiba Inu?
Shibarium will include many advantages, such as transaction speeds, lower feeds, increased token utility, and seamless decentralized application development.
Similar to Ethereum's Merge, Shibarium is also a proof-of-stake blockchain. It will help Shiba Inu to scale while keeping it hooked to the Ethereum blockchain. The expectations are it will stabilize the value of SHIB and make Shiba Inu a value-added project with real long term opportunities.
Shibarium benefits
Better transaction speeds - By adding layer 2 to the ecosystem, the project will be enabled to handle significant growth. It will boost the transaction speed considerably.
Lower fees - While sometimes the transaction fees on Ethereum are higher than the transaction amount, the Shibarium layer 2-solution can make gas fees negligible, leading to lower transaction fees.
Complete ecosystem - Shibarium will be comprehensive, comprising several projects.
Token utility - Shibarium will introduce BONE - a native coin. Validators will be paid on BONE for securing and validating transactions.
How will Shibarium work?
Shibarium will work by handling transactions while retaining the security layer of Ethereum. More network activities will be handled by Shibarium itself, which will lead to a relief of the sheer volume of Ethereum transactions. This will result in much faster and secure transactions.
Furthermore, the Shibarium portal will have a mechanism to burn SHIB tokens paid as fees for the transactions, which will stem the inflation of the SHiB coin, leading to a more stable price.
Which coins will be included in the Shibarium ecosystem?
Several coins will play different roles in the Shibarium ecosystem
SHIB - The token that fuels Shiba Inu
Bone - A governance token on ShibaSwap.
Leash - It has a limited supply and is staked by holders to earn rewards
Treat - A reward token that will be paid to validators and developers along with BONE
SHI - This will be the Shibarium ecosystem stablecoin
SHIB metaverse and ShibaSwap in Shibarium
Both the metaverse and the decentralized exchange will have several use cases.
In the metaverse, users can benefit from different use cases such as building digital businesses, playing innovative games and even DeFi platforms.
ShibaSwaps enables users to receive NFTs, to stake tokens, to swap tokens, vote for their favorite cryptocurrency pair to receive BONE and farm tokens.
Shibarium sounds like an interesting crypto project with many opportunities ahead, and we are looking forward to seeing what it would bring to the crypto world.
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