After months of eager anticipation among the SHIB Army, the mainnet of the Shiba Inu Shibarium has been officially launched on August 16. This momentous event marks the culmination of extensive excitement as supporters eagerly awaited the unveiling of Shibarium Blockchain, which took place at the esteemed Blockchain Futurist Conference in Canada.
It was Shytoshi Kusama, the distinguished lead developer of SHIB, who had the honor of introducing Shibarium to the world during this noteworthy conference.
Shibarium Blockchain Is Now Ready To Utilize
Shiba Inu has achieved a historic milestone by transforming from a mere meme token to a diversified entity with the introduction of Shibarium. This shift has been met with great enthusiasm from the community, and some stakeholders view the anticipation leading up to the Shibarium launch as well justified.
Talking about the mechanism, Shibarium operates on a novel consensus mechanism known as proof-of-participation (PoP). Under this mechanism, validators are chosen based on the amount of cryptocurrency they hold, aiming to eliminate the computational expenses associated with proof-of-work models.
This innovative Layer-2 blockchain solution is tailored to seamlessly interact with the primary Ethereum layer-1 blockchain, providing a more scalable and cost-efficient platform for transactions.
The journey towards Shibarium's launch was a lengthy one, marked by the debut of PuppyNet, the testnet for the Layer-2 solution. PuppyNet effectively demonstrated its ability to support a multitude of Decentralized Applications (DApps) and users, contributing to its final design.
Notable usage milestones were achieved during the Shibarium Testnet phase, and the feedback received played a pivotal role in refining the ultimate product, which has now been made accessible to the general public.
The driving forces behind the Shibarium protocol have been rooted in community participation and decentralization, two crucial factors highlighted by Kusama in his keynote address at the Conference. These factors are deemed essential prerequisites for developing the "Everything App" that most developers aspire to create.
Shiba Inu, and by extension, Shibarium, embody these principles, positioning the protocols as formidable contenders against major competitors in the cryptocurrency space.
Shiba Inu (SHIB) Token Price Overview
During the bullish market of 2020–2021, Shiba Inu gained immense popularity, briefly surpassing the original meme cryptocurrency, Dogecoin. Nonetheless, its fortunes took a downturn in the bear market, resulting in a depreciation of over 80% of its value.
Despite the price slump, the Shiba Inu community remained undeterred and constructed a decentralized ecosystem around cryptocurrency. This ecosystem included ShibaSwap, a decentralized exchange, as well as a native token called BONE. Additionally, a metaverse and a Web3 game were developed. Anticipation for the launch of Shibarium drove SHIB's price to a new multi-week high.
Surprisingly, contrary to prevailing expectations and expert forecasts, the introduction of Shibarium on the mainnet failed to trigger a corresponding bullish surge in the price of Shiba Inu (SHIB). Presently, the memecoin is trading at a price of ₹0.0007731, experiencing a sustained decline in valuation by 8% at the time of composing this text.
Given its volatile nature as a memecoin, the token might simply be gearing up to react positively to favorable news, and the perspective could shift shortly as Asian markets become active.
The launch of Shibarium Blockchain represents a subsequent advancement in the Shiba Inu ecosystem, promoting SHIB as a prominent blockchain, transcending its status from merely a widely recognized meme coin.
This event occurs within an ever more saturated blockchain realm, encompassing more than 50 rivaling blockchains all striving to establish their reputation. Within this network, BONE, TREAT, SHIB, and LEASH tokens will be employed for various blockchain-based applications, potentially leading to an escalation in the value of these tokens due to heightened demand.
To know more about Shibarium Blockchain, go check out SunCrypto Academy.
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