Shibarium, the much-anticipated blockchain network linked to the Shiba Inu coin, has finally gone live. This Layer-2 blockchain, built on top of the Ethereum blockchain, is expected to bring decentralization to various industries in both the real and digital worlds. The Shibarium testnet is a low-cost blockchain, burns Shib in the process, and is being adjusted as the beta test continues over the next few months [1].
The developer behind the Shiba Inu coin, Shytoshi Kusama, has been vocal about his enthusiasm for Shibarium. In a recent tweet, he described Shibarium as the driving force behind all his actions and the best opportunity to bring decentralization to all industries in the real world and the digital world [3].
The only official decentralized exchange (DEX) of Shibarium is ShibaSwap, according to Shytoshi Kusama [2]. He cautioned people against trusting other projects claiming to be official, as they may be scams. It is important to do your research before investing in any cryptocurrency, especially when it comes to emerging technologies like Shibarium.
The launch of the Shibarium testnet is a significant step forward for the Shiba Inu community. Shibarium aims to provide a faster and more affordable transaction system than the Ethereum blockchain. Additionally, Shibarium is expected to have low gas fees and quick transaction confirmations, making it a more user-friendly blockchain than Ethereum.
One of the most exciting features of the Shibarium testnet is its ability to facilitate decentralized applications (dApps). Decentralized apps, which allow users to interact with a blockchain network without the need for intermediaries like centralized servers, are the future of blockchain technology. With the launch of Shibarium, developers can now create and deploy dApps on this new blockchain network.
As Shibarium gains traction, it is expected to become an attractive platform for developers looking to create decentralized finance (DeFi) applications. DeFi applications allow users to access financial services without the need for intermediaries like banks. Shibarium’s low gas fees and quick transaction confirmations make it an excellent platform for DeFi developers looking to create fast and affordable financial applications.
Shibarium’s launch is also expected to provide a boost to the Shiba Inu coin. The Shiba Inu coin has been a popular cryptocurrency since its launch in August 2020. The coin has gained a massive following on social media platforms like Twitter and Reddit. The coin’s value has also risen significantly in recent months, making it an attractive investment for many cryptocurrency traders.
Shibarium Will Boost Burning of Shib Tokens
Shibarium, the Layer-2 blockchain being developed on top of Ethereum and linked to the Shiba Inu coin, includes a burn mechanism for the Shiba Inu token [2]. The burning mechanism is designed to reduce the overall supply of Shiba Inu tokens in circulation and help maintain the stability and value of the cryptocurrency.
Each transaction on the Shibarium network will burn Shiba Inu tokens, with BONE, a new token created specifically for Shibarium, serving as the only gas token. The Shib Inu burn tracker Shibburn reported a massive 485 million Shiba Inu token burn in a single transaction on March 10, 2023. With this latest burn, 2.79 billion Shiba Inu tokens have been burned in a week, dropping the circulating supply to 572 billion tokens. The burn rate mechanism has gained significant interest as the Shibarium beta release approaches, with many anticipating the impact of the burn mechanism on the Shiba Inu ecosystem.
the Shibarium blockchain includes a burn mechanism for the Shiba Inu token, with each transaction on the network resulting in the burning of Shiba Inu tokens. The burning mechanism is designed to reduce the supply of Shiba Inu tokens in circulation and help maintain the stability and value of the cryptocurrency. The burn rate mechanism has gained significant interest as the Shibarium beta release approaches, with many anticipating its impact on the Shiba Inu ecosystem.
In conclusion, Shibarium’s launch is a significant milestone for the Shiba Inu community. The new blockchain network is expected to provide faster and more affordable transactions than the Ethereum blockchain, making it an attractive platform for developers and users alike. Shibarium’s launch is also expected to boost the Shiba Inu coin’s value, providing investors with a new investment opportunity in the cryptocurrency space. However, as with any emerging technology, it is important to exercise caution when investing in Shibarium and the Shiba Inu coin. Always do your research and invest only what you can afford to lose.
