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Shiba Inu Team Are Working On Shibarium, A Layer-2 Scaling Solution

Shiba Inu Team Are Working On Shibarium, A Layer-2 Scaling Solution

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

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According to numerous conversations, Shiba Inu developers are working on a layer 2 scaling solution. The project is also said to be considering a foray into the Metaverse. 

Shibarium, a Layer 2 Scaling Solution Is Being Developed By Shiba Inu Developers

Shiba Inu (SHIB) developers will release a layer 2 scaling solution for the asset. Ryoshi, the originator of the Shiba Inu, proposed the Shibarium solution. Some individuals also shared images of a Discord debate.

The discussions appear to be in their early stages, but developers seem interested. The entire move looks to be part of a more prominent evolutionary tendency that the team focuses on.

According to blockchain statistics, 7% of Shiba Inu owners have been added in the previous 20 days. That’s an intriguing figure, indicating a surge in interest in the project, maybe due to reports of fresh advancements.

Shiba Inu’s creators have also said that they will adopt Shibarium rather than wait for the ETH 2.0 changes expected next year. Using a layer two scaling solution would significantly reduce network costs, but it is unknown what it stands to gain as a meme coin.

The Shiba Inu Ecosystem Launches Shibarium. So, What Exactly Is It?

Shibarium, a layer-2 blockchain that expects to propel Shiba Inu to new heights, will be launched by the Shiba Inu ecosystem. Shiba Inu designer Ryoshi believes that while SHIB and LEASH are more beneficial in ShibaSwap, they will not be the primary paired token for Shibarium. Instead of that, it will be BONE. 

He claimed that BONE would have a fair and “zero” start, with no whale holdings. However, when ShibaSwap began, SHIB and LEASH holders received BONE; thus, there are undoubtedly a lot of BONE whales out there.

The high gas price is one of Ethereum’s most critical concerns. Shiba’s reliance on the Ethereum network resulted in significant gas prices when the Shiboshi NFTs were made available.

There is currently little known about Shibarium. However, there is speculation that one of the primary goals will be to minimize transaction prices for Shiba ecosystem members.

Ryoshi said from the start that the transaction costs for Shibarium would be minimal if not nil. Shiba Project Lead Shytoshi Kusama revealed on the Shiba Discord that Shibarium would demand modest fees for every service, game, or product created on it.

According To Reports, Shiba Inu Enters The Metaverse

According to reports, a Shiba Inu has entered the Metaverse.

The Metaverse, on the other hand, is one such application that may greatly benefit from a scalable solution. Rumor has it that the meme currency project is set to invade the Metaverse. This would align with what so many other initiatives are doing, profiting from the niche’s interest.

The Metaverse would require a dependable scaling solution to cut costs and ensure speedy transactions in a high-traffic use case. Shiba Inu’s desire to provide a scaling solution is understandable given that the Metaverse is already seeing several unique ideas implemented.

It’s unclear how Shiba Inu will perform in the Metaverse, but given its meme reputation, it may do well. The Metaverse is increasing in popularity; thus, now is the time to undertake such a project.

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