The developers of Shiba Inu have planned to roll out Shibarium, an Ethereum-based L2 (layer 2) network, in beta version.
Shiba Inu plans to fully launch Shibarium shortly in the future. Shibarium will function in Shiba Inu’s ecosystem, based on the Ethereum blockchain. Shiba DAO’s governance token, bone, will be at the basis for the chain’s transactions. Bone will also work as validator and delegator for rewards on the new network, as stated by the company. Due to this reason, Shibarium has reserved USD 27 million worth of bone coins (20 million).
According to the team of developers, this initiative will streamline the token’s utility. Shibarium will also leverage other tokens based on Shiba Inu, such as shib, the native token of Shiba Inu, and leash. Transactions on the L2 network will lead to burnings of shib tokens. As a result, the burned tokens will be permanently destroyed by sending them to addresses without owners, taking them permanently out of circulation.
L2 networks are meant to level up L1 chains with better speeds of transactions, lower costs, and security similar to the base layer. According to Shiba, its new network, once completely developed, will be able to accommodate different blockchain sectors, such as gaming or the metaverse. Last but not least, Shiba Inu stated that Shibarium will decrease the load of transactions connected to these verticals.
