The developers of Shiba Inu (SHIB) have launched their Layer 2 solution called Shibarium on the Ethereum network. Shibarium’s mainnet aims to form the basis of a complete “Shiba Inu ecosystem”. A big target for the former memecoin.
Shiba Inu’s Shibarium was introduced
As mentioned earlier, Shibarium is a Layer 2 solution on the Ethereum (ETH) network. What exactly does that mean? Layer-2s are trying to solve Ethereum’s scalability problem. Transactions on Ethereum itself are relatively slow and very expensive.
Well-known Layer 2 protocols are Arbitrum and Polygon. Now Shibarium is added. According to the developers, Shibarium is even faster than Polygon.
“The cost and scalability of a new Layer 2 network depends on many factors, such as the number of validators and the number of transactions processed. But according to our initial testing, Shibarium is even cheaper than Polygon and transactions are instant,” said Shibarium developer Kaal Dhairya.
With the much-anticipated launch of Shibarium, the dog coin is now literally shaking off the memecoin image. Shibarium should be the start of a full Shiba Inu ecosystem.
According to Shiba Inu’s lead developer, known as Shytoshi Kusama, Shibarium will “facilitate the overall governance and ecosystem of the Shiba state framework.”
problems?
SHIB’s stock price did not react significantly to the launch of Shibarium. The price even seems to be falling sharply for the time being. But that most likely has to do with the overall bearish crypto market today. Or is something else going on?
It could also have something to do with the introduction of Shibarium. This start was anything but smooth. There seems to be a few problems to have happened. For example, the Shibarium network is currently down and user resources also appear to be stuck on the network. As soon as we have more information on the state of affairs, we will let you know more about it.