THE Shibarium release that was first proposed by Ryoshi, the anonymous creator of SHIB in May 2021, should make the Shiba Inu network more scalable as well as drive up the price of Bone ShibaSwap.
But when will Shibarium be released and how will it impact the Shiba Inu ecosystem?
Shibarium Network release date
Shibarium was set to be released at the end of 2022, however, was delayed.
Shibarium is now set to be released in Q1 of 2023, so anytime before March 31, 2023.
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What is Shibarium?
Shibarium is a Layer-2 blockchain scaling solution which has been designed to reduce Shiba Inu’s dependence on its host chain, Ethereum.
Layer-2 scaling solutions are the technology that runs on top of a blockchain – in this case Ethereum – to improve the speed and efficiency of the underlying blockchain.
When Shibarium is released, the Shiba Inu transactions will be split between two chains – the Layer-1 chain (Ethereum) and the Layer-2 protocol (Shibarium).
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Shibarium will cover a large number of transactions, reducing the network transactions on Ethereum.
Shibarium will also have a burn mechanism, meaning SHIB will be constantly burnt.
This should increase the token price. The holders participating in the token burn will be rewarded with lower transaction fees.
The main benefits of Shibarium will be lower gas fees, increased token utility, improved security and the development of DApps.
On Shibarium’s launch, Shiba Inu’s Bone ShibaSwap (BONE) will be used for gas fees and it will allow the meme coin to introduce other upcoming projects, including SHIB: The Metaverse and SHI stablecoin.
Shibarium Network said on Twitter: “While on our last post we wanted to remind everyone that BONE serves as the required gas token for operability within Shibarium, we also would now like to formally announce that each Shibarium transaction will burn SHIB.
“We are focused in delivery at this time, please stay tuned for additional information and as we approach our beta launch.”
