The development comes nearly two years after Shiba Inu’s anonymous creator, Ryoshi, introduced the layer-2 network.
Shibarium, the highly-anticipated Ethereum layer-2 solution for the Shiba Inu ecosystem, has finally gone live today. Launching the network’s beta phase comes after an elongated period of sustained wait and several teases from Shytoshi Kusama, Shiba Inu’s lead developer.
Kusama announced the bullish development in an official tweet today. Expectedly, the disclosure has elicited excitement within the Shiba Inu community.
Introducing the Shibarium Early Public Beta! Find out about it, see the #shibthemetaverse WAGMI Temple area, and a a stop to the Ryoshi FUD here in this blog post. https://t.co/Dr3tAGl9PG
— Shytoshi Kusama™ (@ShytoshiKusama) March 11, 2023
Recall that Kusama had asked the community to patiently wait for official announcements on the network shortly after a dubious account pretending to be the lead developer reportedly scammed unsuspecting investors by providing a fake link for registration on the Shibarium beta.
The launch comes barely 48 hours after the official Shibarium Twitter handle confirmed that the beta will be released this week. Moreover, Kusama had assured the community that the network will be launched before May despite failing to give a fixed date.
It is important to note that Kusama has cautioned the community not to purchase anything seen during the Shibarium beta phase, as that would result in loss of funds. He emphasized that all tokens hosted on the network during the beta phase are intended for testing purposes alone.
How is Shibarium Beneficial?
Shibarium is a layer-2 network solution built on the Ethereum network and tailored for the Shiba Inu ecosystem. The project was introduced by Shytoshi, Shiba Inu’s anonymous creator, in May 2021.
As an L2 solution, Shibarium will handle many transactions involving Shiba Inu and its ecosystem tokens, taking many loads off the Ethereum network and helping increase scalability.
By providing greater scalability, Shibarium will help introduce lower gas fees and increase transaction speed for Shiba Inu ecosystem projects.
Another important benefit of Shibarium is its potential to burn a large amount of Shiba Inu tokens. Two months back, Shytoshi Kusama confirmed that one of the goals of Shibarium is to burn trillions of SHIB.
Kusama also mentioned that he expects the L2 solution to introduce more utility to the Shiba Inu ecosystem by attracting investment and bolstering adoption. Projects such as Atomic Wallet, Ledger, and Voxel X Network have already declared support for the network.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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