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- Shiba Inu has continue to evolve to serve as a major push for massive new user onboarding to Web3.0.
- Technology advancement of the memecoin is showcased through Shibarium.
Shiba Inu’s Layer-2 scaling solution Shibarium which is currently in its beta-testing phase is fast gaining attention. The L2 network has been designed to increase transaction speed while also reducing transaction fees.
As was previously stated, the native gas token of the network will be governance-linked BONE. With the launch of Shibarium, developers are now been granted access to hassle-free decentralized application (dApp) development and increased token utility.
Over time, scalability has been a major challenge for many developers. Even after Ethereum’s transition from a Proof-of-work (PoW) consensus algorithm to a Proof-of-stake (PoS) mechanism through The Merge, the blockchain still suffers scalability problems. Markedly, Shibarium also utilizes the PoS consensus mechanism, being an offshoot of Ethereum, however, with a more scaling innovation.
In terms of gas fees, adding Shibarium to the Shiba Inu network is predicted to cause a surge in the throughput which will then allow the L2 to handle tangible expansion. Once this happens, transaction speed will increase significantly leading to a drastic drop in gas fees, up to 90%.
Unlike in the past when small transactions can cost up to $50 in gas fees, Shibarium will eliminate these outrageous tariffs.
Shibarium Introduces Better Liquidity
The launch of Shibarium comes with an entire ecosystem which will include SHIB The Metaverse, ShibaSwap DEX, as well as blockchain games. These DApps are all designed to boost the utility as well as the liquidity of tokens associated with the protocol.
ShibaSwap DEX is aimed at solving liquidity problems that other networks have suffered in the past while SHIB The Metaverse and the blockchain games will serve as side attractions for users. Validators who secure and validate transactions on the network will be paid their yields in BONE.
While in the beta phase, the L2 scaling solution has captured more than 14 million wallets interacting with its testnet. According to Puppyscan, at the time of this writing, the number of interacting wallet addresses with Shibarium had reached 14,236,699 with total transactions at 5,088,500. It had a total block of 685,308 and an average block time of 5.2 seconds.
After the Shibarium Mainnet takes off, every transaction will burn SHIB as part of the strategy to control the circulating supply of the token. Already the SHIB burn rate is up by a tremendous 32,000% and more than 2.25 billion SHIB has been burned. A newly launched Non-fungible token (NFT) collection known as CultPunks was one of the heavyweights that participated in the burn.
Generally, Shiba Inu is topping the charts as one of the top memecoins especially in terms of price gain, according to Marketcap. Dogecoin (DOGE) and Pepe (PEPE) are two other meme coins that are leading the list of top 100 cryptocurrencies by market capitalization. Meanwhile, both DOGE and PEPE are fierce rivals of SHIB especially with PEPE’s recent 300% surge.
