SHIB Developers to Soon Floor Layer-2 Shibarium Network on Ethereum Mainnet: Details

In light of the development, the SHIB token has risen by 4.80 percent to touch the value of $0.000010 (roughly Rs. 0.000854).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 16 January 2023 18:14 IST

SHIB Developers to Soon Floor Layer-2 Shibarium Network on Ethereum Mainnet: Details

Photo Credit: Twitter/ Shiba Inu

The Shiba Inu team experts to upgrade its speed of transactions with Shibarium

Highlights

Shibarium’s release date remains undisclosed
Shiba Inu is supported on the Ethereum blockchain
Shiba Inu developers have also been working on its metaverse

The team behind the Shiba Inu memecoin has decided to expand the availability of its underlying technology to get more Web3 projects to take its support and get more of its tokens into circulations. In the coming days, the developers of the SHIB coin will release a Layer-2 Shibarium network on the Ethereum mainnet that supports the SHIB ecosystem as the mother blockchain. The development has stirred excitement among members of the SHIB community.

Layer-2 blockchain networks acts as secondary platforms that are built on the main blockchain. These networks are intended to increase the scalability of the main blockchain by supporting a wide array of customised dApps and protocols, while maintaining the same security standards offered by the mother chain.

With the launch of the Shibarium Layer-2 network, the Shiba Inu team expects to upgrade its speed of transactions, support up and coming blockchain projects, as well as allow the unification of NFTs with its ecosystem.

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“We are approaching the finishing touches for Shibarium's Beta and its imminent launch. Shibarium's Layer-2 blockchain protocols can serve different industry areas such as metaverse, Web3 innovation, and gaming,” said the official blog post from the Shiba Inu makers.

The announcement has garnered a bunch of responses from Shiba Inu community members.

It's timeeeeeeee!!!!!!!:rocket::rocket::rocket::rocket::rocket: #Shibarium #ShibaInu #ShibaSwap #ShibaArmy if pic.twitter.com/3F8WvpXtdF
— TheSecretMan (@iamrotimiade) January 16, 2023

WITH #Shibarium COMING VERY SOON, $SHIB WILL BE ONE OF THE BEST PERFORMING ASSETS IN 2023:bangbang:#ShibaInu #SHIBARMYSTRONG :muscle: #SHIBARMY pic.twitter.com/yjAu53ynQd
— Crypto Bezos (@BezosCrypto) January 16, 2023

#Shibarium gonna bring web3 gaming to a new level with #ShibCraft! Imagine building and exploring on your own @ShibTheMV land in this #metaverse. You can even play as your #Shiboshis. Join @ShibcraftERC and be among the first to try it out. Remember to grab some $SHFT #ShibArmy pic.twitter.com/VqB4MkMr0W
— Shibcraft fan (@Shibcraft_fan) January 15, 2023

In light of this development, the SHIB token has risen by 4.80 percent to touch the value of $0.000010 (roughly Rs. 0.000854), as per Gadgets360's crypto price tracker.

“Patience is key, and some see Shibarium as a price pumping tool, but that is not the project's focus and never has been. Shibarium is being built to fulfil Riyoshi's vision and provide the community with a tool to build and grow the project on their own terms,” the blog further added. Riyoshi is the anonymous founder of Shiba Inu.

The memecoin, which was originally created as a joke rival to Dogecoin, emerged to become the 11th-biggest cryptocurrency coin by market value on October 25, WatcherGuru reported.

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In October last year, the Shiba Inu developers decided to foray into the metaverse sphere. The Shiba Inu Metaverse, currently codenamed Shiberse, will be a real estate metaverse project where people will be able to purchase digital plots of Shiba Lands and build games as well as their virtual identities.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Shiba Inu, Shib, Shibarium, Ethereum, Blockchain

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More