HomeNEWSShiba Inu provides insight into launching of its L2 network, Shibarium

Shiba Inu provides insight into launching of its L2 network, Shibarium

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In a recent blog post, the Shiba Inu team gave an insight into the features of its Layer 2 blockchain, Shibarium. As revealed, the team indicated that the launching of the Layer 2 blockchain is designed to fulfil Ryoshi’s dream.

More so, the team indicated that Shibarium will provide community members with the tool to build and grow the project at their own will. With that, the Layer 2 network will give community members the privilege to contribute to the growth of the ecosystem. Community members can participate as either Validators or Delegators.

Through the blog post, the Shiba Inu team provided information about the project. Also, the team intended to push Shibarium as a transitional evolution to the Shiba Ecosystem. The team described the project as a means of inviting solutions, innovation, and security to the DeFi space. Furthermore, the team established that the Layer 2 blockchain offers the benefits of scalability, swift transaction, and lower fees.

Additionally, the Shiba Inu team in the blog post provided details regarding the utilization of the project. As revealed, Shibarium can serve in different sectors namely Metaverse, Web3 and Gaming. Worth noting that Shibarium depends on the strength of its underlying network to provide cheaper and faster transactions via off-chain channels. Therefore, Shibarium helps in reducing network congestion on the underlying chain to enhance users’ experience.

Notable sidenotes about Shiba Inu

Presently, the Shiba Inu team is working to close the gap on DogeCoin as the largest Dog themed-meme coin. In August, the project unveiled its new CCG game; Shiba Eternity in celebration of its second anniversary. The unveiling comes off numerous collaborations involving Shiba Inu as part of its efforts towards advancement.

Worth noting that in March, prominent fashion outfit, John Richmond adopted Shiba Inu as a means of payment. The team behind the token also established a campaign using Amazon Smile in order to collect donations to rescue real, live Shiba Inu dogs with the Shiba Inu Rescue Association. The team behind the token are pursuing the vision of becoming a global stable currency, a store of value and means of payment.

However, the token struggled for stability for the most of the year, owing to the crypto winter. In a bid to boost the value of the token, the Shiba Inu team initiated a burning portal. Presently, the token trades at $0.0000104 according to CoinCodex.

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