The eagerly anticipated Shibarium platform has recorded an impressive 21 million wallets during its test phase, potentially establishing Shiba Inu as a key player in the DeFi arena.
Shibarium aims to attract users with an ecosystem that primarily offers financial services and gaming, all while boasting lower fees. Within this Ethereum layer-2 setup, tokens like BONE, TREAT, SHIB, and LEASH will be essential for applications, potentially boosting their value as demand rises.
On Wednesday, Shiba Inu’s team rolled out the long-anticipated Shibarium blockchain. This Ethereum layer-2 network uniquely adopts SHIB tokens as its transaction fees.
Layer 2 networks, built on foundational layer 1 blockchain like Ethereum, promise users swifter and more cost-effective transactions. With Shibarium entering the scene, it’s now amidst a jam-packed arena of over 50 such networks, each vying to woo users with affordable fees in sectors like finance and gaming.
Shibarium isn’t just a new venture; it’s part of Shiba Inu’s grand strategy to cement its place as a formidable blockchain initiative. The famed SHIB tokens, echoing the Shiba Inu dog and drawing inspiration from Dogecoin, debuted in August 2020. Rapidly, they rose to prominence, becoming one of the top meme coins in terms of market cap.
With the introduction of Shibarium, these tokens are about to see an expanded role. This move aims to propel Shiba Inu into the thick of the decentralized finance (DeFi) conversation.
One of Shibarium’s standout features is its focus on the burgeoning metaverse and gaming domains. Additionally, as the NFT space is predicted to gain momentum, Shibarium could serve as an economical base for DeFi apps.
The imminent launch of “DoggyDAO,” a decentralized entity steered by token stakeholders, will also play a part in funding Shibarium-based projects.
The staggering 21 million wallets generated during Shibarium’s trial run suggest that the platform might witness rapid activity shortly after its inauguration.
Shiba Inu’s chief developer, who goes by the pseudonym “Shytoshi Kusama”, shared, “While many tech enthusiasts envision comprehensive apps and holistic user engagement, the real success lies in a blend of community and decentralization.” He emphasized that Shibarium, being tied to a globally recognized cryptocurrency, merges these principles in a way that most other technologies, even blockchains, can’t emulate.
Lastly, Shibarium operates as a proof-of-stake system. It counts on validators who maintain and secure the network, and delegators who back these validators by committing their tokens. For their dedication, both groups earn the governance token, BONE, which has a cap of 250 million in circulation.