The highly anticipated layer 2 blockchain Shibarium is set to launch following a conference in Toronto scheduled for August, according to a blog post by developer Shytoshi Kusama on Thursday.
Layer 2 technology involves a collection of off-chain systems, or separate blockchains, built on top of layer 1 protocols.
These systems help address scalability issues by bundling multiple off-chain transactions into a single layer 1 transaction, reducing data load and fees.
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Kusama stated that during the conference, the completed Worldpaper, all Shib-branded projects, and Treat would be showcased in detail for the first time.
Additionally, the long-awaited L2 Shibarium is expected to be discussed and released.
Moreover, the developer team will introduce DoggyDAO, a decentralized autonomous organization (DAO) operated and governed by token holders.
DoggyDAO will serve as a funding source for projects built on the Shibarium network.
Shibarium’s testnet, a blockchain used for testing purposes, has witnessed significant activity in recent months, with an estimated 20 million transactions from approximately 16 million wallets as of June.
This high level of activity on the testnet reflects the growing demand for the network.
Developers have previously emphasized Shibarium’s focus on metaverse and gaming applications, particularly as the non-fungible token (NFT) sector is expected to experience substantial growth in the coming years.
The launch of Shibarium could provide a strong foundation for shiba inu (SHIB), a meme coin initially inspired by the Shiba Inu breed of dog that has since sought to establish itself as a serious project with its own blockchain network and decentralized app (dapp) ecosystem.
Meanwhile, movements in Shiba Inu ecosystem tokens have been mixed over the past 24 hours.
According to CoinGecko data, bone (BONE) experienced a surge of up to 4.5%, while leash (LEASH) rose by 2%. However, SHIB tokens declined by 5%, aligning with a broader drop in major tokens.
As the launch of Shibarium draws near, the cryptocurrency community eagerly awaits the realization of its promised capabilities and the potential impact it may have on the market.
