Shiba Inu’s Layer-2 Solution Shibarium to Launch This Week

Shiba Inu (SHIB) is the latest to join the “layer-2” craze, with the beta version of its Shibarium solution set to launch this week.

Shiba Inu’s Layer-2 Solution Shibarium to Launch This Week

In an announcement made on the morning of March 8, the memecoin project Shiba Inu (SHIB) revealed it will roll out the beta version of its layer-2 Shibarium this week.

Shibarium has been teased by Shiba Inu since mid-2022 and further details were disclosed in January 2023. The beta release comes at a time when the crypto market is seeing a surge of new layer-2 blockchains for Ethereum, such as Mantle, Base, Scroll, zkSync, StarkNet, Polygon zkEVM, and ConsenSys zkEVM.

Shibarium is a layer-2 solution built on top of Ethereum, designed to focus on gaming and metaverse applications.

Shibarium will enhance the utility of tokens within the Shiba Inu ecosystem, including SHIB, BONE, and LEASH. Specifically, BONE will be used for transaction fees on the layer-2 network and will also reward validators.

Each transaction will incur a fixed fee, similar to Ethereum’s EIP-1559. This fee will be used to buy and burn SHIB tokens from the market, creating a deflationary effect.

Additionally, ShibaSwap, the DEX on Ethereum, will be integrated directly into Shibarium in preparation for the launch of a new liquidity lock reward token named TREAT.

The news of Shibarium’s upcoming beta release has led to a slight increase in SHIB’s price, while BONE has surged over 25% today.

24h Price Movement of SHIB, Screenshot from CoinMarketCap at 07:55 PM on March 8, 2023

24h Price Movement of BONE, Screenshot from CoinMarketCap at 07:55 PM on March 8, 2023