January 20, 2023
By Sharan Kaur Phillora
Shibarium, an upcoming layer 2 networks, will soon join the ever-growing battle of Ethereum-based blockchains such as Arbitum and Optimism, all of which are attempting to overcome the concerns of scalability, speed, and cost. A beta testnet, or blockchain that simulates real-world operation is anticipated to go live in the coming weeks.
Here’s what we know:
Shiba Inu developers stated in an announcement that Shibarium would focus on metaverse and gaming applications, especially as the NFT sector is expected to heat up in the coming years, in addition to Shibarium’s use as a cheap settlement for decentralized applications (dApps) built on the network.
The launch could help Shiba Inu, founded during the previous bull market as a Shiba Inu-themed meme coin and has subsequently attempted to present itself as a legitimate project with its blockchain network and dApp ecosystem.
Shibarium’s validators will lock up BONE to run the Heimdall validator, software that offers a transaction overview, and Bor block production nodes, a tool that lets Ethereum be integrated into other networks. Validators are entities responsible for maintaining and approving transactions on any blockchain network.
The number of validators is restricted to 100.
Validators must additionally bet at least 10,000 BONE, and all awards will be paid in BONE. Meanwhile, developers added in the post that a TREAT token would be created soon to incentivize liquidity pools on ShibaSwap, a decentralized exchange that leverages SHIB, and to give users reduced network fees and better incentive strategies.
In October last year, the Shiba Inu developers decided to foray into the metaverse sphere. The Shiba Inu Metaverse, currently codenamed Shiberse, will be a real estate metaverse project where people will be able to purchase digital plots of Shiba Lands and build games as well as their virtual identities.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.