Shibarium, the Layer 2 blockchain solution and home of the Shiba Inu token ($SHIB), has launched its testnet as it embraces a new era of blockchain innovation. This launch is the first step towards a new layer of scalability and performance and is set to revolutionize the world of decentralized finance.
What is Shibarium?
Shibarium is a Layer 2 blockchain protocol that runs on top of the Ethereum blockchain; the native cryptocurrency is Shiba Inu. This decentralized network is designed to power the Shiba Inu ecosystem and its associated services, allowing developers to build and expand upon existing blockchain networks.
The Layer 2 blockchain protocol will provide users with faster transaction speeds, lower fees, and increased scalability. This scalability is due to the fact that the transactions occur outside the Ethereum network, allowing the blockchain to do the majority of the processing work, alleviating bandwidth, and resulting in lower costs and processing time.
Shibarium and BONE: Shiba’s Governance Token
To facilitate transactions on the Shibarium Layer 2 blockchain, Shiba Inu has launched its governance token, BONE. BONE will be used to pay for gas transactions and reward Validators and Delegators within the Shibarium protocol. With a total supply of 250 million, 20 million have been reserved to reward Validators and Delegators in the coming years and voted in by the Shiba community through the DAO process.
Shiba Inu devs have launched a faucet for test tokens to test applications and digital assets on the Shibarium blockchain, allowing users to obtain the test cryptocurrency needed to interact with the blockchain. This faucet will dispense small amounts of test BONE tokens, allowing users to test the network with its native token.
Understanding Shibarium Validators
The validator’s role is to ensure the integrity of Shibarium’s blockchain by verifying that transactions are valid and conform to the network’s rules and protocols. Validating transactions requires validators to expend computing resources to process and verify transactions. They will earn a small portion of the transaction fees and rewards from the network as a reward.
The Shiba Inu (SHIB) is currently the 15th largest crypto by market cap in the world, and the community hype and Ethereum whale interests majorly drove its price to its All-time high in 2022. According to the current price stats, the Shiba Inu (SHIB) was trading with a live price of USD 0.000010 and a 24-hour trading volume of around USD 383 million. With significant technical indicators showing a buy signal for SHIB.
Moreover, After the Shibarium launch, SHIB holders will have access to exclusive features such as the SHIBDAO airdrop, allowing them to earn additional rewards.
In 2023, Shiba Inu is paving the way for a new era of decentralized innovation. With its scalable Layer 2 blockchain, developers can create and test digital assets with much greater flexibility and scalability. This announcement means that once the Shibarium mainnet goes live and is adopted by the community for development on its blockchain, Shiba Inu’s price might be even further spiked.