Developments from the Shiba Inu ecosystem show that the beta version of its layer 2 blockchain, Shibarium, will be released soon. Shiba Inu has moved from being a memecoin to designing and launching its community-focused blockchain.
Shiba Inu coin (SHIB) is a cryptocurrency that was launched in August 2020 as a fork of Dogecoin (DOGE). It’s a memecoin coin bearing the face of a dog. In 2022, the Shiba community decided to create a metaverse and its blockchain called Shibarium.
While lands for the Shib metaverse have been on sale, the team said that the metaverse project will not be launched until its layer 2 network is running.
The beta version of the Shibarium chain, which has no release date yet, will be launched on the Ethereum blockchain. Shibarium aims to work on top of existing blockchain networks bringing about faster, cheaper, and more private transactions while still relying on the security of the underlying blockchain, the team said.
Shibarium to grow the Shiba community
Speaking about the expected blockchain, the team explained that Shibarium will provide efficient and useful tools for community growth and development in line with the founder’s vision.
“Our goal is that upon the release of the testnet, our community will have a good understanding of the key concepts, simultaneously addressing some of the most eagerly asked questions over these past months in regards to how the introductory Shibarium Beta phase will function, and what can be expected from it,” the team noted.
While there are speculations that the Shibarium project is targeted at a pump for the Shib token, the team assured that they want to patiently create Shibarium for the good of the community.
Shibarium will help reduce gas fees for transactions since it will be possible to have off-chain transactions outside the Ethereum blockchain and allow the L2 to process such transactions while being relieved of bandwidth concerns, the team added.
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