on the crypto
According to a Monday announcement from the Shibarium network, the long-awaited launch of Shibarium (the Shiba Inu layer-2 blockchain) will happen soon. The statement reveals that details on the layer-2 blockchain beta release are nearing completion. For this reason, the network has shared a detailed blog post that contains essential clarifications for the SHIB community.
First, he asked the community to be patient, as Shibarium needs to be developed properly. This implies that the team does not want to be pressured into providing a release date. The blog post also revealed that the Shibarium beta will be available once the finishing touches are complete.
According to the post, SHIB will always welcome new cryptocurrency users and inform them about developing projects in the ecosystem. The post also clarified that the Shibarium launch is not intended to cause a spike in the prices of Shiba Inu ecosystem tokens, especially SHIB tokens. On the contrary, the launch is in line with Ryoshi's vision for the Shiba Inu network.
Additionally, the layer-2 blockchain will allow community members to build and grow custom projects. The Shibarium team also announced that it will release a technical blog post to educate and inform Army SHIB about Shibarium operations, answer common questions, and provide an understanding of key concepts. This way, all users will enjoy an easy and welcoming experience once Shibarium is launched.
A transitory evolution
The SHIB developer team aims for Shibarium to be a robust layer 2 blockchain, which will be a massive upgrade to the Shiba Inu ecosystem. As a second-level blockchain, developers can use it to build innovation and security solutions in the DeFi industry. This is a huge benefit for developers, as it offers an expanded development framework, scalability, lower fees, and faster transaction times.
It is worth noting that Shibarium is built on the Ethereum blockchain and uses tokens from the SHIB ecosystem (SHIB, BONE and LEASH). The evolution of Web3 is causing a growing interest in blockchain technology. However, the cost and speed of transactions have slowed mainstream adoption. Therefore, the Shibarium will solve these problems and serve different industries such as gaming, metaverse and Web3 innovation.
Meanwhile, the Shibarium blockchain creates a vital role for delegators and validators. Validators can block bone tokens and manage Bor block and Heimdall validator producer nodes. Validators earn rewards for their services based on the amount of their coins wagered.
For clarity on claiming rewards, there is an agreement record for each user's reward balance. However, there are terms and conditions that govern validators' rewards, and any violation of these terms will force them to forfeit their stake. Additionally, individuals can support the Shibarium network as delegators without managing their own full nodes.
Instead, they point tokens into validator nodes. This way, the validators control the commission rate they want to share with the delegates. According to the blog post, there is a private test network portal where users can request test tokens.
Impact on the price of SHIB
The team will announce when the portal is open. It is worth noting that the network limits the number of validators to 100. Also, one of the requirements to become a validator is to wager at least 10.000 BONE. The Shibarium team also revealed that trust, experience, knowledge and commitment will be the necessary attributes for hiring validators.
The positive news had a partial impact on the quotation SHIB, which is up 4,7% in the past 24 hours and trades at $0,00001042. With these developments, the price of SHIB could soon reach $0,10. Similarly, the price of BONE is up 13,4% in the past 24 hours, trading at $1,35.