Shiba Inu (SHIB) Aims to Become the Top Dog with the Upcoming Launch of Layer-2
Shiba Inu’s creators are releasing a Layer-2 solution called Shibarium. As a Layer-2 solution, it aims to make Ethereum transactions quicker and cheaper.
Shiba Inu (SHIB) token developers have announced the upcoming release of their Shibarium Layer-2 solution.
Shibarium will operate on the Ethereum blockchain, the foundation for the Shiba Inu coin. Due to its support for decentralized applications and non-fungible tokens, it is one of the most widely used blockchains for smart contracts. This popularity has nonetheless taxed the system by increasing fees and decreasing transaction times.
Shibarium will function as a Layer-2 solution on top of Ethereum, allowing for speedier transactions with cheaper transaction costs. Layer-2 solutions allow “off-chain” transactions, which occur outside of the blockchain’s first layer and are transmitted back. Bandwidth is reduced, resulting in reduced costs and processing time when the Layer-2 solution does the bulk of the work.
This lower network burden may also enhance the user experience of metaverse and gaming apps. Shibarium will also serve as a transitory development of the Shiba ecosystem, with a focus on the metaverse, Web3 innovation, and gaming.
The BONE token will have a significant role inside the Shibarium, despite its predominant usage for governance. In addition to paying for gas transfers, Shibarium protocol users may also reward Validators and Delegators with BONE.
Similar to other blockchains, validators stake a specific amount of cryptocurrency to aid with transaction processing and blockchain maintenance. Delegators engage in the “delegated proof of stake” (DPoS) consensus method by delegating their voting rights to a validator. Twenty million tokens out of a total supply of 250 million have been set aside for Validators and Delegators.
The price of Shiba Inu increased with the confirmation of the Shibarium announcement, after having risen almost 20% in the previous week in anticipation. Recent trends for the coin have been significantly positive in anticipation of Shibarium news.
A recent revelation indicated that Shiba Inu comprised a considerable chunk of the reserves of a major cryptocurrency exchange. The biggest cryptocurrency exchange in India, WazirX, just disclosed its reserve proof. With almost six trillion coins worth $54 million, Shiba Inu accounts for more than twenty percent of its reserves.