on the crypto
Despite its initial reputation as a meme coin, the Shiba Inu (quotation SHIB) is rapidly transforming into a value-based blockchain. However, it can only achieve this by becoming less reliant on legacy protocols like Ethereum. This explains the development of Shibarium, the network's layer 2 blockchain solution.
The launch of Shibarium means that the majority of SHIB transactions that happen on Ethereum will now happen on Shibarium. This is a significant development given that high gas fees and poor throughput capabilities are the main criticisms leveled at Ethereum. Since Shiba Inu is built on Ethereum, these factors have significantly slowed the growth of the SHIB network.
Despite Ethereum's recent move to a PoS network, transaction speeds have not yet improved significantly. Therefore, one of the goals of Shibarium is to leverage the security layer of Ethereum as a layer 2 solution and increase the scalability of Shiba Inu.
The benefits of Shibarium
In addition to the faster transaction processing speed (tps) and lower fees, Shibarium also offers several other benefits. However, it is worth noting that with the launch of Shibarium, transaction fees will be minimal. Also, most of these fees will be charged for burning SHIB tokens.
Utility of the token
According to information provided by the network team, Shibarium will offer a burning technique for SHIB tokens. One way to turn SHIB into a utility token is to reduce its supply in circulation.
According to data from SHIBBurn, over 40% of SHIB tokens have been burned since the launch of the network. However, the supply of tokens in circulation is still too high and remains an obstacle to its use as a utility token.
dApp development
The developers of SHIB aim to make Shibarium one of the most sought-after networks for dApp development, especially since dApps (decentralized applications) are among the hottest talking topics in the crypto space.
A role in the metaverse
The development team believes that Shibarium could play an active role in the metaverse. Proponents of the metaverse call it the future of the digital world and a new way to interact on the web. Meanwhile, SHIB's unnamed lead developer Kusama said Shibarium would launch soon, but declined to reveal a specific release date.
This isn't the first time Kusama has said that Shibarium will be launching soon. She has been repeating similar messages for many months. The launch of Shibarium will likely drive up the price of SHIB as he creates more use cases for this token.
There will be more use cases for SHIB because the transaction processing speed is faster and more convenient. For this reason, the SHIB community expects SHIB to trade at $0,01 once Shibarium launches. In a related development, SHIB developers said the release of the highly anticipated Shiba Eternity game early last month is part of Shibarium's performance testing phase.
