Crypto

Shibarium to revolutionize the Shiba Ecosystem and the crypto space’

  • According to the Shibarium network’s official Twitter account, the beta version of the Shibarium will soon go live.
  • The SHIB developer team aims for Shibarium to be a powerful layer-2 blockchain which would be a massive upgrade of the Shiba Inu ecosystem.

Based on a Monday announcement by the Shibarium network, the much-expected launch of the Shibarium (Shiba Inu’s layer-2 blockchain) will happen soon. The statement reveals that details about the beta version of the layer-2 blockchain are almost complete. Hence, the network shared a detailed blog post that made essential clarifications for the SHIB community.

 

First, it asked the community for patience as it is necessary to develop Shibarium correctly. Thus, implying that the team doesn’t want to be under undue pressure to provide a release date. The blog post further revealed that the beta version of the Shibarium will go live once the finishing touches are complete.

According to the post, SHIB would always accept new crypto users and let them know about developing projects in the ecosystem. The post also clarified that the Shibarium launch isn’t meant to cause a surge in the prices of tokens in the Shiba Inu ecosystem, especially SHIB tokens. Instead, the launch aligns with Ryoshi’s vision for the Shiba Inu network.

Also, the layer-2 blockchain will enable community members to build and grow custom projects. The Shibarium team also disclosed that it would release a technical blog post to educate and inform the SHIB army about the operations of the Shibarium, address the most commonly asked questions and provide an understanding of key concepts. Hence, all users can enjoy a user-friendly and welcoming experience once the Shibarium is launched.

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A transitional evolution

The SHIB developer team aims for Shibarium to be a robust layer-2 blockchain which would be a massive upgrade of the Shiba Inu ecosystem. As a layer-2 blockchain, developers can utilize it to create solutions for innovation and security for the DeFi sector. It 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 the Shibarium is built on the Ethereum blockchain and uses the tokens of the SHIB ecosystem (SHIB, BONE, and LEASH). The Web3 evolution is causing an increasing interest in blockchain technology. However, cost and transaction speed has slowed down its mainstream adoption. Hence, the Shibarium will solve these problems and serve diverse industries like gaming, metaverse, and Web3 innovation.

Important roles

Meanwhile, the Shibarium blockchain creates a vital role for delegators and validators. Validators can lock bone tokens and operate Bor block and Heimdall validator producer nodes. Validators earn rewards for the services based on the amount of their staked tokens.

For clarity regarding claiming rewards, there is a contract record for each user’s reward balance. However, there are terms and conditions governing validators’ rewards, and any violation of these terms would make them forfeit their stake. Furthermore, individuals can support the Shibarium network as delegators without running their full nodes.

Instead, they stake tokens into the validator nodes. Thus, validators control the commission rate they wish to share with delegators. According to the blog post, there is a private test network portal where users can claim test tokens.

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Impact on SHIB price

The team will announce when the portal is opened. 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 stake at least 10,000 BONE. The Shibarium team further disclosed that trust, experience, knowledge, and commitment would be necessary traits for onboarding validators.

The positive news has partially impacted SHIB’s price as it is up 4.7 percent in the last 24 hours and trades at $0.00001042. With such development coming along SHIB’s price could be headed for $0.10 very soon. Similarly, BONE’s price is up by 13.4 percent in the last 24 hours, trading at $1.35.

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