Shibarium: Shiba Inu's Layer 2 Blockchain Ecosystem and Tokens – Bittime

Since Dogecoin became popular among crypto enthusiasts, many new crypto projects inspired by the dog theme have started to emerge. One of them is Shiba Inu (SHIB), which was originally known as a meme coin, but has now developed into much more than that. With the planned launch of Shibarium, Shiba Inu is transforming into a complex and multi-purpose ecosystem. Get to know Shibarium and its ecosystem more closely in the following review.

What is Shibarium and How Does It Work

After gaining immense popularity and support from his community, known as ShibArmy, Ryoshi, the founder of Shiba Inu (SHIB), wanted to make SHIB more than just a meme coin. SHIB is now used as a token in Shibaswap, a decentralized crypto exchange (DEX) running on the Ethereum network, and is often referred to as the “Dogecoin killer”.

Shibarium is a Layer 2 (L2) scaling solution that aims to make the Ethereum network more efficient. The idea behind L2 solutions, such as Shibarium, is to increase the number of transactions that can be processed without compromising security or decentralization.

Shibarium works like an extra lane on a busy highway, allowing transactions to go faster and cheaper without abandoning the security of the main Ethereum network. This makes Shibarium essential for those looking to make transactions more efficiently within the Ethereum ecosystem.

Also read: What is Meme Coin and Why is it Popular?

Shibarium Consensus Mechanism

Shibarium transactions will be validated through Proof of Participation. Validators, selected based on their holdings, contribute to operational security by staking BONE tokens.

Delegators, who support Shibarium without running a full node, can lend tokens and vote for validator nodes , earning commissions from their chosen validators .

Shibarium Advantages

Although specific details about Shibarium are limited, here are some of the advantages that Shibarium has.

Low gas costs. Addressed high transaction fees during the launch of the Shiba Inu NFT collection.
High Throughput. Increases transaction processing speed compared to Ethereum.
Token Utility. Implementing a SHIB burn mechanism to reduce token supply.
DApp Accelerator. Facilitates the development and implementation of decentralized applications ( dApp ).

Shibarium Ecosystem

With the beta launch of Shibarium's public testnet, PUPPYNET, users can build on Shibarium.

Opportunities vary from becoming a validator to bringing projects to the Shibarium network. Atomic Wallet has also announced support for Shibarium.

Metaverse and Gaming

Shibarium aims to be a launchpad for future Shiba Inu projects, including SHIB: The Metaverse and a blockchain version of the game Shiba Eternity.

These projects have captivated the ShibArmy and will be revealed after the launch of Shibarium.

Shiba Inu Ecosystem

To achieve its goals, Shibarium involves five utility tokens: SHIB, BONE, LEASH, TREAT, and SHI. Each offers diverse investment opportunities on Shibaswap, the ecosystem's native DEX.

SHIB: Native Shiba Inu token

SHIB, with its large supply, serves as the native token of the Shiba Inu ecosystem. Launched in August 2020, SHIB is billed as the “Dogecoin killer,” and its value has grown significantly.

The introduction of Shibarium promised to transform SHIB from a meme coin to a utility token.

BONE: Shibarium Token

BONE, used for gas payments on Shibarium, has a high maximum limit supporting liquidity.

This token acts as ShibaSwap's governance token, giving owners a say in the future of the ecosystem.

LEASH: The Next Doge Killer

LEASH, created by Ryoshi, was originally designed as a rebase token, evolving into an asset with limited supply.

Staking or burying LEASH tokens generates xLEASH tokens, qualifying to join the xLEASH liquidity pool and access to the Shiba Inu metaverse.

SHI: Upcoming Stablecoin

SHI, the upcoming stablecoin, held at $0.01, aims to be a universal store of value, unit of account, and medium of exchange.

TREAT: Reward Assets

TREAT serves as a reward asset for Shiba Inu investors, contributing to the balance of the SHI stablecoin.

Shiba Eternity

Play-to-earn mobile card game Shiba Eternity, developed with PlaySide Studios, allows players to earn rewards through play.

Shibaswap DEX

Shibaswap, the native DEX, provides a Uniswap-like experience with features like staking, governance, and the Shiboshi social club.

Passive income options include Dig, Woof, Bury, and Burn Portal.

Conclusion

Beyond its origins as a meme coin, Shiba Inu has grown into a comprehensive ecosystem with DEX, NFTs, and gaming. Shibarium's upcoming launch as a Layer 2 solution aims to increase transaction speed and reduce gas fees, strengthening SHIB's position as a complete ecosystem with metaverse and blockchain gaming.

This ecosystem has grown to include tokens such as LEASH, BONE, TREAT, and SHI, each with different goals.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.