Shiba Inu, the popular meme-inspired cryptocurrency, is set to release the beta version of its much-anticipated Shibarium blockchain layer 2 network this week.
According to Shiba Inu developers, the beta testnet is designed to simulate real-world functioning, and the layer 2 network is built on top of layer 1s to reduce scaling and data bottlenecks with off-chain solutions. The off-chain transactions are bundled into a single layer 1 transaction, which reduces data load and fees.
The focus of Shibarium is on metaverse and gaming applications, as well as serving as a cheap settlement for decentralized applications (dApps) built on the network. The NFT sector is expected to grow in the coming years, and Shibarium aims to position itself as a serious project with its own blockchain network and dApp ecosystem.
The launch of Shibarium’s beta version this week is expected to bolster Shiba Inu’s position as a serious blockchain project, with a focus on metaverse, gaming, and NFT applications. Shibarium is a layer 2 blockchain that aims to provide a cheap settlement for decentralized apps (dApps) built on the network. The release of the beta version has already led to gains for BONE and LEASH tokens in the Shiba Inu ecosystem, while SHIB tokens fell slightly. This development is expected to have a significant impact on the cryptocurrency market and could open up opportunities for further innovations in the industry.