SHIBA Inu’s Layer2 Solution “Shibarium” Is Launching Soon

SHIBA Inu is ready to create a unique identity with the launch of SHIBA Inu’s Layer2 Solution “Shibarium.” Read about it here. 

On 16 January the SHIBA network announced the launch of their Layer2 solution “Shibarium.” Shibarium has the aim of reducing the Ethereum gas fees and it will remove the obstacles faced by the users in day-to-day transactions.

Shibarium is a Layer2 blockchain, where transactions will occur “off-chain” and later on will get back to the network. The Shibarium blockchain will handle the majority of the processing work and people can gain an advantage from lower bandwidth demands, lower transaction costs, and quicker transaction times.

The Shibarium development framework offers significant features that the community can use to construct their own blockchain designs in addition to time and money savings. The developers say that there are multiple Dapps that you can create on Shibarium. Such as Gaming, social networking, education, supply chains, etc. 

SHIBA Inu’s Layer2 Solution

SHIBA Inu’s Layer2 Solution Features

According to the information published in the Networks blog, the Layer2 Platform will be compatible with the NFTs. Here the users will be able to issue different NFTs (Non-Fungible Tokens). The blockchain’s native token is called BONE which can be used for paying gas fees and paying validators and delegators. Other than this, these tokens can be useable for accessing live events. 

Another good feature is that every time a milestone issues the BONE token. And out of that BONE, validators, and delegators get rewards. Here the validators will charge a commission to cover the cost of running nodes and after deducting the validator’s fees, the remaining BONE token will be staked. 

The network mentioned that the Shibarium’s Layer 2 blockchain protocols can benefit a variety of business sectors, including gaming, web3 innovation, and the metaverse. This is because that the current blockchain networks all have scalability and performance issues. As Shibarium is  the layer2 blockchain, there will be a faster, cheaper, and more private transaction off-chain and there will be the security of the underlying blockchain “Ethereum.”

How Shibarium Will Work?

Shibarium transactions take place “off-chain,” i.e, independently of the Layer1 (Ethereum) blockchain, and are reported back. The L2 blockchain can handle all the major processing work, reducing bandwidth, and lowering gas fees and processing times.

Beyond the advantages of cost and speed, Shibarium offers powerful functionality to let the community incorporate their ideas. Shibarium permits the development of chain-specific NFTs, just as its layer 1 Ethereum. On Shibarium NFT usage can be tickets, game goods, and content, art and music, and digital real estate.

BONE comes with a circulating supply of 250 Million, where 20M is for rewards for Validators and Delegators. This is for the upcoming years and approved by the Shiba community through the SHIBA network’s DAO procedure.

Prices and Market Value of SHIBA Inu 

SHIBA Inu Prices after layer 2 announcement

SHIBA Inu is currently trading at the value of ₹0.00096 at the time of writing on Coinmarketcap. Currently, it is in a hike of 33.20% in the span of 7 days. The overall hike seen in the last 30 days is 38.67% and the coin seems to be recovering from loss. This hike is here after the announcement of the launching of the Layer2 platform. 

Final Thought

With the launch of SHIBA Inu’s Layer2 Solution, the community will be celebrating the reduced gas fees. Gas fees are a major issue for traders who are making transactions on daily basis. Even though it’s a Layer2 blockchain but the underlying Ethereum will be responsible for the security. There will be other benefits like low cost, fast transactions and compatibility with the NFT tokens, etc.

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date. Occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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