Shiba Inu developers sent the SHIB community into a frenzy this week with the launch of Shibarium, a layer 2 blockchain. With this new blockchain, the Shiba team hopes to separate the cryptocurrency from its “memecoin” image. Their goal is to incorporate promising Web3 projects into their ecosystem, which will drive more SHIB tokens into circulation. SHIB developers have been working on the Shibarium blockchain since earlier this year.
Layer 2 blockchain networks like Shibarium act as secondary platforms that can improve the scalability of the main blockchain by supporting a variety of customized dApps and protocols, while maintaining the same security standards provided by the main chain.
The Shibarium blockchain went live on the mainnet on August 16th. The Shibarium ecosystem is built on the Ethereum blockchain and will accept SHIB tokens as service fees. Its governance token will be the BONE cryptocurrency.
The new Shibarium blockchain has launched It is said Attract players from Metaverse and Decentralized Finance (DeFi) fields to join the Shiba Inu ecosystem.
Why DeFi?
DeFi is one of the most used elements in the world of cryptocurrencies and Web3. DeFi applications remove the need for third parties, banks or any other intermediaries in traditional asset lending. Instead of these intermediaries, smart contracts with pre-agreed terms are used to facilitate lending and borrowing of crypto assets.
according to Market research firm Zion predicts that DeFi’s market share is expected to reach around $232.2 billion (approximately Rs. 1,930,499 crore) by 2030.
At the same time, the growth rate of DeFi is expected to reach around 42.6% in the next seven years.
Why choose Metaverse?
Virtual universes are being hailed as the next big destination in the global gaming community. In 2022, the Metaverse market valuation will reach USD 61.8 billion (approximately Rs. 513,805 crore), Expected It will increase to USD 426.9 billion (approximately Rs 3,549,248 crore) by 2027.
So it’s no surprise that the Shiba Inu developers chose to attract players working in the metaverse to operate on the Shibarium blockchain.
In an effort to make Shiba Inu a big name in the Metaverse community, its developers launched their own Metaverse ecosystem last year.
The frenzy of the SHIB community
Shibarium’s beta phase totals 21 million wallets on L2 blockchain, CoinTelegraph report.
With the launch of Shibarium, the Shiba Inu team hopes to increase its transaction speed, unify games and NFTs with its ecosystem, and also support upcoming blockchain projects.
Members of the SHIB community, often referring to themselves as #ShibArmy, tweeted their reactions to the Shibarium launch on X (formerly Twitter).
Barriers with Shibarium
While the community cheered Shibarium’s launch, the blockchain hit a roadblock after its mainnet launch. PeckShield confirmed on X that a total of 956 ETH worth around $1.7 million (roughly Rs. 140 crore) is stranded on the Shibarium bridge.
This caused prices of Shiba Inu-related cryptocurrencies like SHIB and BONE to fall.
The Shiba Inu team has not resolved this issue.
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