The developers of the dog-themed Shiba Inu (SHIB) token released an update to let their community know about their upcoming beta version of Shibarium, a Layer 2 network that will run on top of the Ethereum mainnet.
In the announcement, SHIB developers shared information about layer 2 blockchains. They highlighted that Shibarium is being developed in the near future. They highlighted that Shibarium is being developed to provide a tool that allows the community to build and grow the project and fulfill the vision of its founder. While some believe that the creation of Shibarium is a way to increase the price of memecoins, the developers pointed out that this was not the goal. They write:
“Patience is the key, and some see Shibarium as a tool to drive up the price, but that is not the goal of the project and never has been.”
Instead, the developers mentioned that the goal of the new update in their infrastructure is to “revolutionize the Shiba ecosystem” by removing barriers to entry for small transactions, improving speed, enabling decentralized application development, and integrating non-fungible tokens.
A key update in the new announcement is one of the most requested features for the project, which is a burning mechanism for SHIB. According to the developers, “all transactions on the network will have an implicit burn amount for the SHIB token.” This mechanism will occur every time a transaction is made on the network.
Although the developers did not give an exact date for the release, the team reiterated that their answer to all questions related to the time frame is “soon”.
Shiba Inu community members expressed his enthusiasm for the news. Some believe that there is a lot to look forward to in the future of the ecosystem, while others are simply glad to read a new update on the project.
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
On November 22, 2022, the developer of SHIB, Shytoshi Kusama, reported on social networks that the World Economic Forum (WEF) invited the project to collaborate in the creation of a global policy on the metaverse. The developer noted that, if successful, the project would work with other tech giants like Facebook and Decentraland to help the WEF develop the policy.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.