The hype surrounding the release of Shibarium, the Layer 2 protocol being developed by the Shiba Inu team, has grown tremendously since earlier this month. The reason for this is the tentative date for the release of the protocol, which is set for February 14Valentine’s Day.
The Shibarium protocol has been tagged as a key component driving many ecosystem adoption innovations. In addition to being presented as an important tool that will encourage the adoption of the shiba inu ecosystemShibarium also stands as a crucial innovation in the emerging Web3.0 world.
Shibarium qualifies as the Shiba Inu team’s answer to the scalability challenges of the Ethereum blockchain. Considering the fact that the Ethereum blockchain can only process around 15 transactions per second (TPS), it presents a limitation in usage. These limitations are often expressed in gaming-related transactions, decentralized finance (DeFi) and non-fungible tokens (NFTs).
One of these limitations is the high transaction costs associated. The Ethereum blockchain works when users use their funds to bid in order for validators to prioritize their transactions. The higher the bid, the faster the transactions will be processed.
The advent of Shibarium will help put an end to these, since transactions will now be generally cheaper and faster. Shibarium will also join the dozens of Layer 2 protocols already helping to foster transactions on Ethereum before the protocol goes through the rest of the stages involved in its proof-of-stake (PoS) transition.
Although the anticipation for Shibarium’s release has passed at this point, the development team has not officially confirmed the date, thus increasing the suspense.
The launch of Shibarium will boost the ecosystem of Shiba Inu
The main goal of Shibarium is to foster a more enhanced use case in the Ethereum protocol for all members of the Shiba Inu community. While the Shibarium utility will be essential in powering the broader Ethereum ecosystem, it will help fuel the growth of the core Shiba Inu tokens, including SHIB, BONE, and LEASH.
He BONE token will serve as the native digital asset of the Shibarium protocol. It will be used for all forms of gas tariffs for users using the Layer-2 scaling solution. There is already a BONE-ready market out there, as almost every Shiba Inu member who wants to use the Shibarium protocol will have to get one.
For every BONE token used to pay a transaction fee, the system is designed to burn a certain amount of SHIB. This interconnected nature of the two tokens will help consolidate the Shiba Inu team’s efforts to create an all-in-one ecosystem that can return value to users across the board.
The Shibarium protocol is considered the much-needed glue to help achieve these goals and with the recent associations noted by Shiba Inuthese milestones can be accelerated significantly.
The entry Shibarium Launch: Dates, New Partners and Details was first published on Cryptoreport.