What Is Shibarium? What Does It Mean for Shiba Inu (SHIB):
The community of Shiba Inu (SHIB), the second largest meme coin, has officially launched the "entry portal" Join Shibarium, an endpoint to its upcoming L2 Shibarium. The Shibarium portal will act as a gateway for all enthusiasts and entrepreneurs interested in working with Shiba Inu (SHIB) on its native blockchain network.
Shiba Inu (SHIB) Shibarium Portal Launches: Highlights On February 26, 2023, Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu (SHIB), unveiled the Join Shibarium portal, the "intake form" for the upcoming L2. Shibarium is the first-ever second-layer scalability solution on Ethereum (ETH) developed by the Meme-Coin team; Shibarium is designed to gather and onboard projects interested in building for the low gas, high throughput Shiba Inu (SHIB) audience; Since February 26. February, Web3 developers, entrepreneurs, investors, potential validators, and content creators can sign up with the Shibarium portal to begin testing Shibarium and study its documentation; The beta version of Shibarium could go live in the coming weeks, while the mainnet release is expected in early Q2 2023. As such, Shibarium is an unprecedented initiative: a project that began with a semi-ironic "meme coin" ethos can evolve into a full-fledged scaling ecosystem for Web3 and address the most dangerous bottlenecks of cryptocurrency progress.
What are meme coins, and why are they so popular? Meme coins, or "dog coins" at this point, represent a special class of altcoins that were originally developed and advertised with no real utility. Dogecoin (DOGE), a 2013 Litecoin (LTC) fork, was the first meme coin; it was inspired by memes featuring "Doge," a funny Japanese Shiba Inu dog. From the beginning, it was described as a joke: The team did not envision any use cases.
The coin was almost forgotten, but in August 2020, TikTok bloggers decided to skyrocket the price of DOGE. Six months later, the token attracted the interest of Tesla's "techno-king" Elon Musk. Through his provocative tweets, he triggered the "meme coin" narrative: Dogecoin (DOGE) skyrocketed 1,000% in 24 hours. In response to the popularity of Dogecoin (DOGE), crypto developers began creating dog-themed meme coins as imitators of Dogecoin (DOGE). Shiba Inu (SHIB), Floki Inu (FLOKI), Baby Dogecoin (BABYDOGE) and Dogelon Mars (ELON) are the most popular second generation meme coins. What is Shiba Inu (SHIB)? Launched in August 2020 amid the DeFi summer and the very first TikTok pump, Shiba Inu (SHIB) is the second largest meme cryptocurrency by market cap. It prioritizes the ethos of decentralization, "building for fun," and community-driven design.
Shiba Inu (SHIB) tokenomics are supported by SHIB, an ERC-20 cryptocurrency issued on the Ethereum blockchain (ETH). Shiba Inu (SHIB) has the largest total supply of any top altcoin: 1 quadrillion SHIB have been issued, which is equivalent to 1 followed by 15 zeros. Despite its meme coin status, the developers of Shiba Inu (SHIB) and its community maintain a "serious" ecosystem with a native DeFi protocol ShibaSwap and NFT as well as Metaverse projects. Liquidity providers in the Shiba Inu (SHIB) ecosystem can earn rewards for using the three native coins SHIB, BONE and LEASH (for xSHIB, xBONE and xLEASH returns). The team has also released a governance module and is getting closer to beta-testing Shibarium, a Layer 2 network to optimize operations in the Shiba Inu (SHIB) ecosystem.
What is Shibarium, a future L2 network? Shibarium from the developers of Shiba Inu (SHIB) aims to adopt the best practices of the most popular L2 networks on Ethereum (ETH). Shibarium: Blockchain Like all major L2 networks, Shibarium is designed to process some of the computation off-chain to reduce transaction pressure on the main Ethereum network (ETH). Bone ShibaSwap (BONE) will be a gas currency of the upcoming blockchain. Twenty million BONE will be reserved to reward validators and delegators in the Shibarium ecosystem.
Similar to Polygon (MATIC), Shibarium will work with Heimdall validator and boron block production nodes. Heimdall will be built on the Tendermint consensus engine, while Bor will be 100% compatible with the Ethereum Virtual Machine (EVM). To become validators, Shibarium users must lock at least 10,000 BONE tokens. Enthusiasts interested in supporting the network without running nodes themselves will be able to delegate their tokens. Shibarium: Ecosystem The newly launched Join Shibarium portal invites six types of contributors to collaborate with it. It welcomes "Web3/Web4" developers to create applications on Shibarium. Crypto entrepreneurs can transfer their projects to the upcoming blockchain. The registration process for validators/delegators is also underway.
In addition, any merchants interested in accepting Shiba Inu (SHIB) - which will be easier with an active L2 solution - can apply through the Join Shibarium portal. Last but not least, content creators and ecosystem managers can submit their applications and participate in Shibarium's development and marketing progress. In his introductory blog post, Shytoshi Kusama hinted at Shibarium's integration with the developments of the Shiba Inu (SHIB) Metaverse and the Shiba Eternity game. Shibarium: What does this mean for SHIB, BONE and TREAT? The release of Shibarium will certainly be a milestone for all tokens of the Shiba Inu (SHIB) ecosystem. For SHIB, it will mean another big catalyst for massive adoption. Since Shibarium uses Bone Shibaswap (BONE) as a token for gas fees, the launch of the L2 platform will be a huge success for its tokenomics. In addition to SHIB and BONE, Shibarium will use an additional financial motivation tool, TREAT. This token has not yet been released.
