The beta testnet of Shibarium will soon release, benefiting the entire Shiba Inu community. Shibarium is a layer-2 network operable on the Ethereum mainnet. After the release of Shibarium, the Shina Inu community can build and grow projects. The release of Shibarium will address the scalability, speed, and expense challenges facing the existing projects on Ethereum.
Shiba Inu Shibarium Beta Testnet Release
Shiba Inu developers will only release a beta testnet version in the coming months. A testnet mimics the use cases and applications of real-world functions. Its release aims to test the network for any gaps or performance issues and assess its capabilities. Moreover, the layer two testnet aims to address the issues faced with scalability and data.
With this release, Shiba Inu developers wish to educate the community about a blockchain’s development process from scratch. Before its release, some experts claimed Shibarium was a marketing move and a price “increase gimmick.” But the development team refutes such claims.
After its release, Shibarium is also expected to improve the platform’s transaction speed and lower its costs. The users will be able to interact with a metaverse solution, DEX, and several blockchain games.
SHIB/USDT Daily Chart | Source: TradingView
The ultimate goal of Shibrium is to facilitate a solution that leads to innovation and improves the DeFi security aspects of the project. Today, Shiba Inu has over a $5 billion market cap, collectively obtained by SHIB, LEASH, and BONE.
The project lead and developer announced recently that the World Economic Forum wishes to work with the ecosystem. The purpose of this collaboration is to work on a global metaverse policy. Other IT giants like Facebook, Sand, and Decentraland will also be present in this global policymaking.
I just want to say that I appreciate the updates. That’s all I asked for. Now, this is transparent. Second, anyone asking in the comment section when shibarium is coming out, read the first 2 paragraphs. You guys nailed it.
— Burrito (@Burrito02353106) January 15, 2023
Shiba Inu Tokenomics Depends On Shibarium’s Working Mechanism
In Shibarium, the validators play an essential role. Moreover, some SHIB tokens will be burned with every transaction. The validators on Shiba Inu will lock BONE and give fuel to the Heimdall Validator.
According to the Shiba Inu developers:
The onboarding of these Validators will be done taking into account the experience, trust, knowledge and ensuring that these validators are committed to the health and integrity of Shibarium.
To become a validator, a user needs to lock 10,000 BONE. They will get rewards in the form of this token. New network layer and collaboration with WEF, it seems that Shiba Inu is working rigorously on its development.
Featured Image from Traxer/ Unsplash, the chart from Tradingview.com.