Shibu Inu (SHIB) developers have announced plans to roll out a beta version of Shibarium, a new layer-2 network overlayed on its Ethereum mainnet.
According to the blog post, Shibarium will provide tools to grow its community in line with its founder’s plans. Developers stated that Shibarium aimed to release the project “soon.”
They said, “Patience is key, and some see Shibarium as a price pumping tool, but that is not the project’s focus and never has been. Shibarium is being built to fulfill Ryoshi’s vision and provide the community with a tool to build and grow the project on their own terms. With the imminent Network launch, we invite everyone to read this article and familiarize themselves with the concepts before testing.”
Shibarium Doggo-Themed Plans
Developers added the project’s goal was to “revolutionize the Shiba ecosystem.” It aims to minimise obstacles to conducting small transactions and provide cheaper, faster decentralised transactions.
Efforts would also help people develop new solutions such as decentralised applications (dApps) and integrate non-fungible tokens (NFTs).
One of the key components of the project is a new burning mechanism, which will take place when users make transactions on the network. The announcement continued: “[All] transactions on the network will have an implicit burn amount for SHIB token.“
The news comes after Shibu Inu developer Shytoshi Kusama tweeted on 22 November last year that the World Economic Forum (WEF) invited the cryptocurrency project to work jointly to develop a global metaverse policy. Other major tech firms such as Meta Platforms, Decentraland, and others would contribute to outlining the policy.
Shibu Inu and crypto rival Dogecoin spiked in value. Dogecoin and Shibu Inu jumped 14 percent and 40 percent, respectively, after Ethereum completed its merge upgrade.
