On Wednesday, August 16, the Shiba Inu scaling solution, Shibarium, went live on the mainnet after months of waiting and testing.
The official Shiba Inu X account confirmed the launch in a recent post. The post asked the community to get set for what is incoming.
— Shib (@Shibtoken) August 16, 2023
Additionally, Shiba Inu’s official website indicated Shibarium Ecosystem is now live. The site proclaimed that a new era had begun with Shibarium.
The statement reads:
“Shiba Inu’s new L2 blockchain technology! The new era has begun; we all are called to do our part to make the world a better place with this low-cost, fast, and powerful technology. WOOF.”
Shibarium Unique Features
Meanwhile, in another post, the Shiba Inu X account shared a release note, urging enthusiasts to uncover the magic and secret of Shibarium.
According to the report, Shibarium’s development centers around proof-of-participation (PoP), a novel consensus mechanism. The report noted that this new consensus approach selects validators based on the size of their crypto holdings.
The Shiba Inu team chose PoP for Shibarium to eliminate the cost implication naturally associated with the proof-of-work consensus. Additionally, the team designed Shibarium to communicate directly with the Ethereum layer one network to offer an efficient and cost-effective ecosystem.
In an interview, Shytoshi Kusama, the Shiba Inu leader, highlighted that Shibarium represents an all-encompassing app in the tech realm that incorporates the tenets of decentralization.
The Shibarium validators include the Bor block production nodes and the Heimdall delegators. Kusama noted that the Shibarium validators have pledged to keep the application decentralized.
Notably, interested participants must hold 10,000 Bone ShibaSwap (BONE) in the newly launched Layer two solution to become a delegator. Recall that BONE serves as the governance token of Shibarium.
Over 100 Projects Building on Shibarium
Furthermore, a prominent Shiba army from Japan shared an image on X detailing the number of projects working with Shibarium. The image illustrated that over 100 projects are already building on Shibarium, as reported yesterday by The Crypto Basic.
Bone and Shiba Inu Price Impact
While the community bustle with excitement, the price of Shiba Inu (SHIB) and BONE have steeply declined over the past 24 hours. SHIB has lost a leading zero after crashing over 6%. On the other hand, BONE suffers a double-digit loss amid the Shibarium launch.
However, this bearishness is not unique to Shiba Inu ecosystem tokens. Notably, most assets in the crypto market are witnessing declines as of press time, including Bitcoin (BTC), Ethereum (ETH) and XRP.