With nearly 23,000 cryptocurrencies and more being created every moment, the digital currency landscape is nothing short of dynamic. Most cryptocurrencies build upon established blockchain networks like Ethereum and Binance Smart Chain, but a few ventures choose to develop their own networks.
These custom networks claim to offer even greater scalability, faster transaction speeds, and reduced fees. Shiba Inu (SHIB), a well-known meme coin, has joined this trend with its upcoming release of Shibarium, a secondary framework designed to enhance the Ethereum blockchain. This upgrade is expected to not only elevate the once joke-based cryptocurrency to a more competitive position among serious contenders but also boost the adoption of its token.
Let’s delve into Shibarium and examine its potential impact on the Shiba Inu ecosystem as a whole.
Shiba Inu Token is a decentralized cryptocurrency established in August 2020 by an unknown individual or group known as “Ryoshi.” It was inspired by the satirical cryptocurrency Dogecoin, which used an image of a Japanese breed of dog called Shiba Inu as its mascot.
Shiba Inu’s foundation is its ERC-20 token, SHIB, which is issued on the Ethereum blockchain. Although classified as a meme coin, Shiba Inu has a dedicated community of developers and supporters who have cultivated a “serious” ecosystem complete with its native DeFi protocol, ShibaSwap, as well as non fungible tokens (NFTs) and metaverse projects. Nonetheless, with a staggering total supply of 1 quadrillion SHIB, the largest among the top altcoins, the broader crypto community has often viewed the token skeptically.
Yet, as Shiba Inu continues to evolve, the upcoming introduction of Shibarium is set to usher in a new era for the project. This development is expected to transform Shiba Inu into a more efficient, robust, and scalable multi-project ecosystem, solidifying its position in the competitive world of cryptocurrencies.
The anonymous creator of Shiba Inu, Ryoshi, proposed the Shibarium initiative in May 2021. Despite repeated delays, the project’s beta version has recently been released, and the hype is once again building up.
Shibarium is a novel Layer 2 blockchain scaling solution that aims to boost Ethereum’s performance as the primary host chain for Shiba Inu. This cutting-edge update is meant to transform Shiba Inu from a simple meme coin into a robust ecosystem with a DEX, a metaverse, and blockchain-based games like Shiba Eternity. The end goal of this technology is to let anyone build a digital product with ease, conduct peer-to-peer transactions, etc.
With the release of Shibarium on the main net, there are plans to include ShibaSwap into the platform, making it easier for users and validators/delegators to access the features they need while also better-managing staking and liquidity. This critical revision aims to increase the liquidity available for standard and safe pairings.
Overall, built atop existing blockchain networks, Shibarium’s Layer 2 concentrates on facilitating faster, more affordable, and private off-chain transactions while maintaining the blockchain’s security. This method efficiently reduces blockchain network congestion, which improves metaverse and gaming apps’ user experiences.
Shibarium is designed to operate in tandem with Ethereum, distributing transactions between the Layer 1 chain (Ethereum) and the Layer 2 protocol (Shibarium). Although it goes against common sense, this method speeds up the process of processing transactions. By managing a significant portion of the load, Shibarium protects Ethereum transactions from overwhelming the system, thereby reducing network congestion.
The built-in mechanism that enables token holders to burn tokens, thereby removing them from circulation and increasing the coin’s value is one of Shibarium’s defining characteristics. It has been speculated that Shibarium would implement a small transaction fee, with the proceeds being used to burn SHIB tokens. Through this method, Shibarium can sustainably and exponentially increase the value of SHIB.
For those unfamiliar with the idea, limiting the quantity of tokens increases the value of each remaining one. When burned, tokens are sent to ‘dead wallets‘ that will take them but never release them. Token holders participating in token burns will be rewarded with reduced transaction costs, making Shibarium more appealing to users and investors.
The Shibarium blockchain will offer countless benefits. Here are just a few examples.
Shibarium’s addition of a Layer 2 solution to the Shiba ecosystem will significantly enhance throughput, enabling the project to handle explosive expansion. This means users can anticipate significantly quicker transaction speeds, although the exact specifications are unavailable.
High transaction costs have long been a concern for Ethereum users. Shibarium’s Layer 2 solution promises to eliminate or drastically cut gas prices, making transactions cheap and comfortable for everyone.
DApps, or decentralized apps, operate without a central server. In the past, the meme coin lacked the infrastructure to function as a native coin for decentralized applications. However, Shibarium integration will change these trends, providing powerful technical capabilities for DApp creation. This will increase the Shiba Inu project’s visibility and accessibility, benefiting users and developers alike.
Far from being just a meme coin, the Shibarium ecosystem will encompass various projects, including the SHIB metaverse, ShibaSwap DEX, and blockchain games. These components are expected to attract users and improve liquidity.
The vast supply of SHIB has hindered its growth. To address this, Shibarium introduces BONE as its native coin. Validators on the network will be rewarded in BONE for securing and validating transactions, and every transaction will consume SHIB, helping to control its inflated supply.
The Layer 2 solution offered by Shibarium is designed to maintain the security of Ethereum’s underlying blockchain while processing off-chain transactions. This ensures that users can enjoy both faster transaction speeds and the safety a proven blockchain network provides.
With the integration of Shibarium, the Shiba Inu ecosystem could potentially enhance its interoperability with other blockchain networks and platforms. This increased compatibility could lead to more partnerships, further strengthening the project’s position in the market.
The Shibarium platform is founded on the fundamental values that motivate the Shiba ecosystem. These values emphasize community expansion, support for entrepreneurs, and zeal for the cryptocurrency world. Shibarium’s guiding concepts may be broken down into the following four points:
The Shibarium Core, which consists of early adopters, is committed to fostering a global ecosystem and advocating the burning of SHIB in every Shibarium initiative. This pledge seeks to increase the token’s value and contribute to the platform’s overall expansion.
To avoid falling victim to fraud, the Shibarium community recommends doing your own research (DYOR) before engaging in any financial transactions via the Layer 2 protocol. Community members are urged to provide open criticism and information on ongoing initiatives and individuals to create an atmosphere free of uncertainty, suspicion, and doubt (FUD).
Giving back to the community is a top priority for any Shibarium venture. One way to achieve this is to donate to a wide variety of charities worldwide while publicly thanking those who have given in the past.
Shibarium initiatives are encouraged to donate some of their earnings to the Shib Doggy DAO Foundation. This organization decides how the funds in the DAO wallet may be used to help the Shibarium ecosystem thrive.
Multiple tokens have been built within the Shibarium platform, each serving a specific purpose within the ecosystem. These tokens take their cues from the canine world and are called SHIB, LEASH, and BONE. Token holders have access to ShibaSwap, the native decentralized exchange, where they may buy and sell other tokens, participate in governance, and get incentives and discounts on NFTs. Notably, BONE will serve as Shibarium’s utility token, helping to support the creation of new cryptocurrencies.
SHIB coin is the native token of the ecosystem. It was released in August 2020 as an alternative to Dogecoin, with a maximum supply of 1 quadrillion tokens. The price of Shiba Inu coin has fluctuated throughout time but has never been more than one US cent.
With a maximum of 107,646 tokens, the LEASH protocol, also known as Dogecoin Killer, seeks to limit liquidity. The original intent of the LEASH token was to serve as a rebase token, stabilizing the value of other tokens in the ecosystem. By pledging (or “burying”) LEASH tokens in an asset pool, liquidity holders can earn rewards, thereby increasing the value of the asset pool. These bonuses are awarded as xLEASH tokens that, once unstaked, can be converted into SHIB.
ShibaSwap’s BONE token serves as the platform’s governance token, granting its holders a voice in shaping the future of the Shiba Inu community. BONE, having a maximum supply of 230,000,000 tokens, is widely held and used across the ecosystem. Shibarium’s utility token, BONE, strikes a good middle ground between a high enough cap to let consumers buy huge amounts while preserving liquidity and a low enough cap to discourage heavy management attempts to maintain its price.
While LEASH’s value has achieved thousands of dollars in the past, and SHIB’s value has never reached a penny, BONE’s value falls somewhere in the middle. Its circulation supply is smaller than SHIB’s but much larger than LEASH’s. Therefore, as the ecosystem’s governance token, BONE is ideally suited as a utility token.
Shibarium’s cutting-edge Layer 2 solution appeals to many different people and provides many advantages to many groups. Shibarium aims to provide a space where everyone, from programmers and business owners to validators and delegates, can work together and succeed.
The Shibarium platform allows Web3/Web4 developers to build apps, while crypto entrepreneurs may move their existing projects to the forthcoming Shibarium blockchain. Also, the enrollment procedure for validators and delegators is now underway to increase the number of people who help keep the network running smoothly and securely.
Merchants who wish to accept Shiba Inu can take advantage of the enhanced capabilities of the Layer 2 solution, which makes transactions more efficient and cost-effective. When applying through the Join Shibarium site, businesses may quickly and simply add SHIB to their payment processing systems. In addition, content creators can submit applications to participate in Shibarium’s development and marketing initiatives, thereby expanding the platform’s reach and influence.
The Shibarium network relies on Validators to secure a predetermined supply of BONE tokens and run the Heimdall Validator and Bor block production nodes. When validators contribute to maintaining the integrity of the network, everyone who has staked tokens in the system receives a share of the payout.
Delegators, conversely, participate in a consensus mechanism known as “delegated proof of stake” (DPoS) by assigning their voting rights to a validator. Delegators, who own BONE tokens, support the network by staking their tokens into validator nodes instead of operating one themselves. They play a vital role in the system by selecting the validator nodes responsible for transaction validation.
Delegate enrollment is straightforward, needing simply the staking of coins on a selected validator. As a proof-of-stake (PoS) blockchain, Shibarium allows unlimited delegators to participate in the validation process.
On the other hand, validators must operate their nodes, and there is a cap of 100 on the total number of validators, with a minimum required stake of 10,000 BONE.
Given the importance of validator efficiency to Shibarium’s reliability and safety, the selection of validators will initially be a hands-on procedure involving an application and an interview.
Despite all the excitement that Shibarium has caused, we still don’t have an exact release date. However, On March 11, 2023, Shiba Inu debuted Puppynet as a beta version of their Layer-2 network.
Puppynet is a tool available to developers for deploying dApps built on the Shibarium platform. Puppynet is the first publicly available version of Shiba Inu’s Shibarium network, and enterprises may use it as a decentralized backend, cryptocurrency payment gateway, or decentralized governance module. Importantly, no real cryptocurrencies exist on Puppynet, a crucial distinction given the rise of impersonators creating counterfeit assets that exploit the name, logo, and popularity of SHIB.
Anyone curious about Shibarium’s features can access Puppynet. Visit the Shibarium Tech website and sign up for an account. Complete the Shibarium Technology intake form for access to premium features and assistance.
It’s crucial to remember that Puppynet is the beta version of Shibarium. Since the network is still experimental, it should be used solely for testing, study, and fun.
Shibarium’s upcoming launch has sparked discussions on whether it will significantly impact the SHIB token’s value.
While some may view Shibarium as a mechanism for pumping the Shiba Inu’s price, the project’s focus has never been solely on price appreciation. Instead, Shibarium aims to realize Ryoshi’s vision and empower the community to develop and expand the project on their terms.
Still, Shibarium’s launch is poised to benefit Shiba Inu in multiple ways. Currently, many perceive Shiba Inu as a meme coin—an amusing cryptocurrency that attracts temporary attention before users lose interest. Meme coins are often seen as “pump-and-dump” options, where holders invest with the sole intention of selling at a profit once the value increases.
By introducing a burn mechanism to stabilize and potentially raise the price of Shiba Inu, Shibarium could help diminish the token’s meme status.
Additionally, lower transaction fees brought about by Shibarium may positively impact the value of tokens within the Shiba Inu ecosystem. By promoting more transactions and attracting new crypto traders, Shibarium could ultimately contribute to increased demand and valuation for SHIB and related tokens.
Shibarium is not yet live, but users can explore its features and capabilities through its beta version, Puppynet.
Shibarium offers multiple benefits, such as lower transaction fees, a token-burning mechanism to increase SHIB value, and a platform for developers to build and grow projects within the Shiba Inu ecosystem.
Shibarium allows coin holders to burn tokens by removing them from circulation, increasing the remaining tokens’ value. The platform may charge a nominal transaction fee and use that fee to burn SHIB tokens, driving up its value sustainably.
Yes, developers can build dApps on Shibarium, which provides a platform for creating applications that benefit the Shiba Inu world and its users.
A new era in Shiba Inu interaction and use is on the horizon, thanks to the imminent release of Shibarium. By switching from an ERC-20 token on the Ethereum blockchain to its dedicated network, SHIB will obtain greater independence and flexibility. This evolution will not only fortify SHIB’s position within the cryptocurrency landscape but also challenge the misconception that meme coins are incapable of achieving substantial value growth.