The highly anticipated Shibarium network has witnessed the creation of over 21 million wallets during its testnet phase, establishing Shiba Inu as a formidable contender in the realm of decentralized finance (DeFi).
On Wednesday, Shiba Inu developers were poised to launch the long-awaited Shibarium blockchain—a layer-2 network built on Ethereum and employing SHIB tokens for transaction fees, according to a representative’s statement to CoinDesk. Layer 2 networks operate on top of layer 1 blockchains, such as Ethereum, to facilitate swifter and more cost-effective transactions. Shibarium enters a crowded blockchain landscape, competing with around 50 other networks vying to entice users with economical fees and a focus on financial services and gaming.
Shibarium represents a strategic initiative to establish Shiba Inu as a substantial blockchain venture. The widely recognized SHIB tokens, inspired by the Shiba Inu dog breed and inspired by Dogecoin, were introduced in August 2020 and rapidly ascended to become one of the leading meme coins by market capitalization.
However, developers are augmenting the utility of SHIB tokens by integrating them into the Shibarium network, positioning Shiba Inu as a noteworthy player in the domain of decentralized finance (DeFi). The network will leverage BONE, TREAT, SHIB, and LEASH tokens to power applications developed on the blockchain. As demand surges, the value of these tokens could potentially increase. With an emphasis on metaverse and gaming applications, particularly given the projected growth of the NFT sector, Shibarium is poised to function as a cost-effective settlement option for DeFi applications built on its foundation.
In conjunction with the network’s launch, a “DoggyDAO”—a decentralized autonomous organization (DAO) managed by token holders—will be introduced to support projects developed on the Shibarium network. Given the popularity of SHIB tokens, evident from the creation of approximately 21 million wallets during the testing phase, Shibarium is likely to experience substantial network activity soon after its live launch.
In a message to CoinDesk, Shiba Inu’s lead developer, operating under the pseudonym “Shytoshi Kusama,” stated, “Many in the tech world, both within and outside the blockchain ecosystem, are pledging ‘everything apps’ and complete user interactivity across concepts, products, services, and other opportunities. However, such commitments must invariably originate from a foundation of community and decentralization. As an integral part of one of the world’s most popular cryptocurrencies, Shibarium epitomizes the confluence of these two principles in a manner that eludes the majority of other technologies, even many within the blockchain domain.”
Meanwhile, delegators play a role in supporting validators by staking tokens from the ecosystem. Both validators and delegators receive rewards for their active involvement in the ecosystem, with the governance token BONE serving as their reward. The total supply of BONE is capped at 250 million tokens.
Reference: CoinDesk
