With the release of Shibarium, SHIB, at first a memecoin, is evolving into a competitive blockchain player.Applications created on the blockchain will be supported by the layer 2 network using the bone, treat, shib, and leash tokens, which may result in an increase in price as demand grows.Shibarium, a layer 2 blockchain based on the Shiba Inu, is set to launch shortly. Users will soon be able to move tokens between the two networks thanks to a bridge that is available for public testing, developers announced early on Friday.
According to the bridge’s chief developer, Shytoshi Kusama, users will initially be able to send testnet ether tokens to Shibarium, which is scheduled to go live next month.Real assets were not supported as of Friday, and each transfer was anticipated to take a maximum of 30 minutes.
The term “Layer 2″ refers to a collection of off-chain systems, or distinct blockchains, built on top of layer 1 protocols to alleviate scale and data bottlenecks.In order to lessen the data load and fees, they combine several off-chain transactions into a single layer 1 transaction.When Shibarium launches, DoggyDAO, a decentralized autonomous organization (DAO) run and governed by token holders, will also begin operations and be used to finance blockchain-based projects.
Since July, there have been 27 million transactions on the testnet from an estimated 16 million wallets, demonstrating strong demand for the network. Since the non-fungible token (NFT) market is anticipated to boom in the upcoming years, developers have previously stated that Shibarium will focus on metaverse and gaming applications.