Shiba Inu looks to shake off memecoin status with Shibarium launch3 min read
The already extensive SHIB roadmap continues to grow with projects such as SHIB: The Metaverse and its own Shiba Inu video game. However, the developers of the SHIB token would like to rely on one in the future new layer 2 solution put. Shibarium is about to start.
What is Shibarium?
Shibarium is not intended to replace the Shiba Inu blockchain, but to expand the extensive project with another. “Ryoshi”, the until now unknown creator of the token, proposed the new Blockchain Layer 2 solution.
According to reports, the SHIB tokens will be migrated to the Layer 2 blockchain after the launch. This does not mean that Shibarium is its own blockchain, nor does it mean that a Shiba Inu 2.0 token is coming: Shiba Inu will remain connected to ETH.
What advantages does the Layer 2 solution offer?
in one blog post announces a developer of Unification indicates that the development team plays a major role in open source software development. Unification develops enterprise blockchain solutions that are ready to use, with predictable costs and execution speeds, so that they can be securely and efficiently integrated into existing business processes.
The article shows that inexpensive and fast transactions should be possible, which are primarily optimized for games. in the Shiba Discord Shytoshi Kusama, the head of the Shiba project, said that “Shibarium will offer low fees for every service, every game….”
As with other projects, the developers also want to integrate a kind of burning mechanism into the layer 2 blockchain to burn SHIB. It could also act as a bridge for other ecosystems, so one Shibarium sneak peek.
The problem with excessive fees
High gas fees are one of ETH’s biggest problems. Since Shiba relies on the ETH network, it also suffered from high gas prices. While Shiba’s project leader, Shyoshi Kusama, praised the speed at which Shiboshi NFTs were selling late last year, there was negative reaction from within the Shiba community. At that time, users spent hundreds of euros in the form of fees and still could not buy any of the 10,000 much sought-after Shiboshi NFTs.
The unrest from the community finally moved the developers to work on a solution. On Twitter, Shytoshi Kusama personally responded to a disgruntled NFT buyer who spent $800 in fees alone just to purchase an NFT: “And that’s why, old friend, we’re working on Shibarium.”
The Merge is implemented on the Ethereum testnet, but blocks are being lost