As Shiba Inu gained fame as a crypto, it needed a better system to handle transactions. Shibarium, a Layer-2 (L2) blockchain network that runs on top of Ethereum, was the answer. Let’s learn more about the blockchain and the Shibarium launch date.
What Is Shiba Inu (SHIB)?
Shiba Inu, a crypto inspired by the dog breed Shiba Inu, is known for its community-driven development model. Shiba Inu is a meme coin created by a pseudonymous founder who goes by the name Ryoshi in August 2020.
What Is Shibarium?
Shibarium is a Layer 2 blockchain network designed to strengthen the Shiba Inu ecosystem. It aims to improve scalability, lower transaction costs, and enhance user experience. The Shibarium blockchain network uses a Proof-of-Stake (PoS) consensus mechanism, a distinctive method for the network to reach a consensus. This ensures that transactions are correctly verified, the blockchain is secure, and it operates optimally.
Shibarium was launched on the Shiba Inu mainnet on August 16, 2023.
What Is The Purpose Of Shibarium?
Shibarium aims to address Ethereum’s shortcomings by enhancing the Shiba Inu ecosystem. Additionally, its goals are to improve scalability, lower fees, and make tokens more useful in various situations. Shibarium builds long-term value through innovative ideas and decentralizing power.
- By adding a Layer-2 solution on top of the Shiba Inu ecosystem, Shibarium speeds up transactions. It’s easier to handle network growth now that the speed has increased.
- Shibarium provides a secure Layer-2 setting based on Ethereum, allowing users to create decentralized applications (dApps). Additionally, using SHIB-related coins enables creators to build decentralized systems that can grow.
When Did Shibarium Launch?
After the Shibarium launch date, which was August 16, 2023, it has served as a Layer-2 solution for the Shiba Inu ecosystem. However, the initial launch had problems. Over time, changes made it more stable, scalable, and effective.
Launch Day was August 16, 2023
Shibarium went live, but due to high traffic, it had to be shut down temporarily. Lead coder Shytoshi Kusama said that more validators would be added. To improve efficiency and protection, the network was put into private mode.
Relaunch on August 25, 2023
Following the Shibarium launch date, changes were made, and the network reopened, now boasting over 50,000 active wallets. The restart caused the price of BONE, the token associated with Shibarium’s gas fees, to surge. This event gave people more faith in the project’s organization and direction.
How Does Shibarium Work?
It is a layer-2 system, which means that Shibarium is built on top of the Ethereum blockchain. It handles transactions off the main Ethereum chain and then settles them on-chain, a layer-2 solution. Layer-2 solutions enhance the scalability and efficiency of the base layer (Ethereum). This method maintains the Ethereum network’s security while reducing transaction costs and facilitating easier user interaction.
It achieves this by grouping several transactions and handling them off-chain before submitting them to the leading Ethereum network. This method, known as rollups, is popular in layer-2 systems and is a key component of Shibarium’s ability to scale. Besides, the Shibarium launch date marked a significant milestone in the history of the Shiba Inu ecosystem.
Read More: Metaverse Crypto Coins: Are They a Good Investment?
The Benefits of Shibarium as a Layer 2 Solution
Shibarium enhances the Shiba Inu ecosystem in various ways. Besides, the Shibarium blockchain supports long-term growth, wider usage, and a more dynamic autonomous environment. The benefits include reduced transaction costs, increased system scalability, and more effective engagement of developers.
Users Pay Less for Transactions
Shibarium significantly reduces transaction fees, making it more affordable to execute small trades frequently. This is especially helpful for people who engage in small trades and have had to pay high Ethereum fees. Additionally, it motivates more people across the network to participate.
Better Efficiency and the Ability to Grow
Shibarium can handle multiple activities simultaneously and complete them more efficiently. This enhances the network’s performance, ensuring a better experience for both users and developers. The network can handle rising demand without incurring higher fees.
Better Environment for Developers
Shibarium provides a fast and cost-effective way to launch decentralized applications (DApps). Developers in DeFi, gaming, and NFTs like it because it enables them to create new projects quickly and efficiently.
Adding More Use Cases to the Ecosystem
Shibarium opens up new options, such as DeFi sites, NFT markets, and blockchain games. These use cases make SHIB, LEASH, and BONE tokens more useful. Shiba Inu’s autonomous value proposition becomes stronger as the environment becomes more flexible.
Read More: Upcoming Solana Airdrops in 2025 – How to Claim
The Latest Shibarium News
The SHIB development team has officially announced the successful launch of the Shiba Mainnet, marking the arrival of the much-anticipated Shibarium blockchain to the world. This marks a new development for the Shiba Inu community. Besides, the start is a crucial step toward improving the Shiba Inu environment and achieving its goals of freedom and fairness.
This event was a significant development for individuals who own and support SHIB tokens. The release aims to fix the scaling issues on the Ethereum network. This will make the SHIB ecosystem more efficient and user-friendly. Since the Shibarium launch date, the platform has made it easier to add more users and has lowered the cost of transactions.
What Is the Shibarium Coin?
Shibarium is home to several crypto coins, each with its unique applications within the Shiba Inu ecosystem. Some of the main Shibarium coins are:
· SHIB: SHIB is the native token of the Shiba Inu ecosystem. SHIB is mainly used for payments. Each transaction on the Shibarium network will burn a certain amount of SHIB. This will help reduce the total amount of SHIB in circulation over time.
· BONE: People who own this governance token can vote on important Shiba Inu ecosystem proposals. BONE is also a valid token that can be used to pay Shibarium’s transaction fees, which are an essential part of how the network works.
· TREAT: TREAT is a versatile token that can be used for various purposes. Besides, it provides value to the SHI stablecoin and replaces BONE. TREAT is essential to many parts of the ecosystem because it can perform multiple functions.
LEASH: LEASH token has a limited supply. The community uses the token as a utility token.
SHI: This is Shiba Inu’s ecosystem’s stablecoin. It facilitates transactions within the network.
What Does Shibarium Mean for Shiba Inu?
Shibarium enhances the Shiba Inu ecosystem for both users and developers by shedding some of the load from Ethereum’s mainnet. It works as a second layer that is faster and more effective. In general, it allows network activities to run more efficiently and smoothly for everyone.
Conclusion
Many investors had eagerly awaited the Shibarium launch date, as it would make SHIB much more valuable. The goal of this community-driven initiative is to enhance user experience by streamlining transactions, making them faster, more affordable, and more flexible.
FAQs
1. Does Shibarium burn Shiba?
Reports indicate that the Shiba Inu (SHIB) team is exploring a new burn mechanism. This new system could burn trillions of coins each year, potentially reducing the token’s circulating supply.
2. When is the Shibarium launch date?
The original Shibarium launch date was August 16, 2023; however, it was temporarily closed due to heavy traffic. The relaunch happened on August 25, 2023.
3. Where to buy Shibarium coin?
You can buy tokens linked to Shibarium on crypto apps such as CoinSwitch. For safety, use a safe, verified crypto platform and keep your money in a digital wallet you can trust.
4. Is Shibarium a coin?
Shibarium isn’t a separate coin; it’s a Layer 2 blockchain designed to enhance the Shiba Inu ecosystem. It is home to several coins, including BONE, which enables the payment of transaction fees and allows token holders to vote on important proposals within the Shiba Inu ecosystem. Essentially, Shibarium serves as the infrastructure, while BONE functions as its energy and coin.
5. What will Shibarium do for Shiba Inu?
By offering quicker transactions, reduced costs, and increased scalability, Shibarium—a Layer 2 scaling solution for Shiba Inu—seeks to enhance the ecosystem. It aims to address the Ethereum network’s shortcomings, thereby strengthening the SHIB token’s usability and adoption.
7. What is the difference between Shiba Inu and Shibarium?
Shibarium is a Layer 2 blockchain scaling solution built on top of the Ethereum network. Shibarium aims to improve the efficiency and growth of the Shiba Inu ecosystem. Shiba Inu is a meme coin trading under the ticker symbol SHIB.
