Cryptocurrency-meme Shiba Inu (SHIB) team has decided to introduce the launch of Shibarium, the second blockchain layer. According to the official developer account at TwitterThe network already has its infrastructure and the launch is supposed to take place soon.
But the developers did not specify a launch date for the blockchain. Instead, they published a script introducing some basic concepts about Shibarium before it was released.
However, this launch has boosted the price of SHIB and BONE tokens, which have been rising in the last 24 hours.
Sheeprim Beta
Developers at Shibarium reported Monday (16) that launch preparations are almost complete. With that said, the Shiba Inu community should receive the new network soon.
“Introduction to Shibarium: Shiba Inu Layer 2 Network – Cheer up #ShibArmy! Soon Shibarium Beta. With this article, we want to introduce some key concepts to provide clarity to the community,” the developers said.
According to the script, the new network will contain Ethereum as the main layer and will support all tokens in the Shiba ecosystem. These are the SHIB, LEASH, and BONE codes. The primary goal of the network is to provide more scalability, faster transactions, and lower costs.
But in addition to that, Shibarium will also allow the evolution of the ecosystem as a whole, including the possibility of building metaverses. The BONE token will pay the fees for this ecosystem, as well as reward validators.
The official ecosystem accounts of Ship Inoue and lead developer Chitoshi Kusama have been teasing the launch of Shiparium since early 2023.
There is no expiration date
However, the group behind Shibarium has not disclosed the Shibarium Beta release date. They also did not reveal if there are predictions for the release date of the final version. Instead, the team said:
“We are nearing the final touches for the Shibarium Beta.”
Auditors and Delegates will play an integral role in Shibarium. The validators will improve network security by installing BONE block product nodes and running Heimdall Validator and Bor. In return, they will receive rewards.
Ultimately, each transaction on the Shibarium network will result in more SHIB tokens being burned, which will greatly reduce the circulating supply of SHIB.
SHIB’s price has soared after the text was released, with an increase of nearly 6% in the past 24 hours and more than 20% in the past seven days. Meanwhile, the price of BONE has increased by more than 15% in the past 24 hours.