While memecoins are typically associated with being created for entertainment purposes and relying on viral trends, the team behind Shiba Inu is elevating the concept to new heights. In a unique move, the developers are transitioning this viral sensation into a fully functional ecosystem, with their proposed Shibarium serving as the central component.
With the popularity Shiba Inu amassed during the 2021 bull market, a lot of eyes are on the memecoin, and many are curious as to what Shibarium is and what to expect from the new ecosystem.
What is Shibarium?
Shibarium is an upcoming layer-2 network that is being developed on the Ethereum blockchain specifically for the Shiba ecosystem. Similar to other layer-2 blockchains, the purpose of Shibarium is to alleviate the scalability challenges faced by the main Ethereum chain. It achieves this by offloading transactions from the main chain, processing them separately, and then providing the data back to the Ethereum network.
By utilising Shibarium, the Shiba ecosystem aims to address issues related to scalability, high transaction fees, and limited transaction throughput. The layer-2 solution will enable faster and more cost-effective transactions for Shiba users, enhancing the overall efficiency and usability of the ecosystem.
Shibarium will lay the foundation for future developments, including the proposed Shib the Metaverse, ShibaSwap DEX, Shibacals, Shiba Eternity, Shiboshis etc.
It will be fueled by four tokens. They are:
SHIB: an ERC-20 token that powers the Shiba Inu project. It will be burnt by Shibarium transactions to reduce supply and increase its value.
BONE: a governance token used to pay fees on ShibaSwap and Shibarium. The token has a maximum supply of 230 million coins.
LEASH: a token with a limited supply of 107,646, which holders can stake to earn rewards. It is a VIP token that will grant users access to benefits on the network.
TREAT: a yet to be launched reward token that will be given to validators and developers once a specific threshold is reached. It will be used to incentivise liquidity pools on ShibaSwap.
SHI is an algo-stable coin pegged at one cent ($0.01) that will be part of the Shibarium ecosystem. It is designed to provide stability and counterbalance market fluctuations in payments.
When will Shibarium be launched?
Shiba Inu’s lead developer, Shytoshi Kusama has revealed that the long-awaited Shibarium will be released at the Blockchain Futurist Conference and ETHToronto slated for 15-16 August.
He revealed that alongside Shibarium, other SHIB projects will be unveiled.
“We are proud to announce that we are the Title Sponsor of the Blockchain Futurist Conference, Eth Toronto and Eth Women! At this location, the completed Worldpaper will be exhibited, all Shib branded projects will be published and Treat will be published in detail for the first time. In addition, it is very likely that we will also discuss and release the L2 Shibarium that we have been waiting for,” he shared via a blogpost.
Following the news, BONE, the governance token of Shibarium has surged by 15% in the last 24 hours. Its trading volume also increased by 86% within the same time period.