Shiba Inu Layer 2 update2 min read
According to one blog post From January 15th, the developers around the memecoin Shiba Inu are planning to launch their own Layer 2 blockchain called “Shibarium”. The news has apparently had a positive effect on the price development in the past few days.
More scaling with “Shibarium”
Shibarium is designed as a layer 2 chain on Ethereum and adds Shiba Inu to the memecoin ecosystem. For example, the “Shiba-Swap” platform is to be integrated into the scaling solution. The launch of the beta mainnet is “imminent,” it says. The Layer 2 blockchain offers better scalability, faster transaction times, lower fees, and an expanded development framework. The integration of Web3 applications should also be optimized as a result.
“Together, Web3 and Shibarium’s layer 2 blockchain technology can enable a new decentralized metaverse and gaming ecosystem where gamers can interact and transact in a decentralized manner,” the developers said.
More substance through layer 2?
With the launch of the Layer 2 solution, the Shiba ecosystem has the potential to serve significantly more use cases than is possible with the base layer.
“Basically, the arrival of Shibarium marks Shiba Inu’s transition away from a meme token and towards a more substantial cryptocurrency ecosystem where actual projects will be built and provide real value to users,” one said contribution by Crypto News.
Whether the network will succeed in shedding the image of the silly meme coin and whether this will be pushed at all is a matter of opinion. In any case, with “Shibarium” comes a leap in development. So far, this has also rewarded invested investors with price gains.
“In addition to the increased investor interest in the upcoming launch of the Layer 2 network Shibarium, an increase in SHIB transactions on the central exchanges has been observed in the last few days. The fact that Shiba Inu did not subsequently correct itself suggests that investors are using their coins as collateral to open leveraged call positions in Shiba Inu.”