Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Shiba Inu-Based Shibarium Blockchain Expected to Go Live in August

Shiba Inu-Based Shibarium Blockchain Expected to Go Live in August

coindeskcoindesk2023/07/07 08:11
By:Shaurya Malwa

The layer 2 network will utilize bone, treat, shib and leash tokens for applications built on the blockchain.

A still from the SHIB: The Metaverse. (Shiba Inu)

The much-awaited layer 2 blockchain Shibarium is expected to go live after a Toronto conference in August, developer Shytoshi Kusama said in .

Layer 2 refers to a set of off-chain systems (separate blockchains) built on top of layer 1 protocols that reduce bottlenecks with scaling and data. These bundle multiple off-chain transactions into a single layer 1 transaction, which helps reduce the data load and fees.

“The completed Worldpaper will be exhibited, all Shib branded projects will be published and Treat will be published in detail for the first time,” Kusama said. “In addition, it is very likely that we will also discuss and release the long-awaited L2 Shibarium.”

Developers added DoggyDAO, decentralized autonomous organization (DAO) run and governed by token holders, will be introduced at the time and used to fund projects building on Shibarium.

Shibarium’s testnet, or a testing blockchain, has seen meaningful activity in the past months with 20 million transactions from an estimated 16 million wallets . Such brisk activity on the Shibarium testnet indicates demand for the network.

Developers have Shibarium would have a focus on metaverse and gaming applications especially as the non-fungible token (NFT) sector is expected to heat up in the coming years.

The launch could contribute to strong fundamentals for shiba inu (SHIB), formed in the previous bull market as a Shiba Inu-themed meme coin that has since tried to position itself as a serious project with its own blockchain network and dapp ecosystem.

Meanwhile, Shiba Inu ecosystem tokens showed mixed movement in the past 24 hours.

CoinGecko data shows bone (BONE) jumped as much as 4.5%, while leash (LEASH) rose 2%. SHIB tokens slid 5% in line with a broader drop in major tokens.

Edited by Parikshit Mishra.

39

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!