The Launch of Shibarium and its Potential for the Shiba Inu Project
Shibarium is an Ethereum layer-2 network that aims to improve transaction speed, cost-effectiveness, and privacy. It was built on top of the Ethereum blockchain and is backed by Shiba Inu’s SHIB tokens.
Key Points:
- Shibarium Bridge, which allows funds to be moved from Layer-1 to Layer-2, was declared fully functional on August 28, 2023.
- The number of daily transactions doubled and the number of wallet addresses increased significantly after the launch of Shibarium.
- Despite a rocky start with sluggish transactions, Shibarium aims to showcase the potential of the Shiba Inu project beyond its meme coin origins.
- Shibarium is designed to provide faster access to Shib: The Metaverse and serve as a cost-effective settlement option for DeFi applications.
- Shibarium underwent extensive testing with millions of users and offers sub-fractional transaction costs compared to other protocols.
Despite the successful launch of Shibarium Bridge, the value of SHIB and $BONE, the native token of Shibarium, remained largely unaffected. The Shiba Inu coin saw a marginal increase of +2.74% in 48 hours, while the value of Bone Shibaswap dropped slightly.
Hot Take:
While the launch of Shibarium is an important milestone for the Shiba Inu project, it seems that the news had little impact on the value of SHIB and $BONE. However, with its focus on metaverse and gaming applications, as well as its potential for faster transactions and cost-effective settlements, Shibarium could still prove to be a valuable addition to the crypto space.
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