The highly anticipated layer 2 blockchain, Shibarium, is expected to go live in August following a conference in Toronto, according to developer Shytoshi Kusama. Shibarium will utilize bone, treat, shib, and leash tokens to power applications built on the blockchain.
Layer 2 solutions are off-chain systems built on top of layer 1 protocols, aiming to address scalability issues and reduce transaction costs. By bundling multiple off-chain transactions into a single layer 1 transaction, Shibarium can alleviate data congestion and enhance network efficiency.
During the upcoming conference, the completed Worldpaper will be presented, Shib-branded projects will be announced, and detailed information about the Treat token will be revealed. Furthermore, the long-awaited L2 Shibarium is likely to be discussed and released.
To support the development of projects on Shibarium, a decentralized autonomous organization (DAO) called DoggyDAO will be introduced. This DAO will be governed by token holders and play a vital role in funding initiatives on the network.
The Shibarium testnet has seen significant activity, with around 20 million transactions from approximately 16 million wallets recorded as of June. This high level of activity indicates a strong demand for the network and showcases its potential.
The introduction of Shibarium is anticipated to bolster the underlying value of Shiba Inu (SHIB), a meme coin that gained prominence during the previous bullish market cycle but is now striving to establish itself as a credible venture with its dedicated blockchain network and decentralized application (dapp) ecosystem.
While the movement of Shiba Inu ecosystem tokens has been mixed in the past 24 hours, the launch of Shibarium holds promise for the future of the project and its associated tokens.