- Shiba Inu’s Layer 2 blockchain Shibarium is expected to launch soon.
- Shibarium will have a phased launch, with the beta version released first.
- The platform will support NFTs and have a governance token — BONE.
The Shiba Inu team has announced the upcoming beta release of its L2 blockchain platform, Shibarium, with the goal of reducing Ethereum’s gas fees. As such, the introduction of Shibarium is aimed at removing a typical obstacle for users willing to engage in day-to-day transactions.
According to the announcement, Shibarium is a Layer 2 blockchain, meaning transactions take place “off-chain” and are transmitted back to the Ethereum network. Since the Shibarium blockchain is responsible for most of the processing work, users benefit from less bandwidth requirements, cheaper transaction costs, and faster transaction times.
In addition to the time and money savings, the Shibarium development framework offers extensive features that the community may use to implement their own blockchain designs, the announcement added. According to the developers, the numerous possible applications for decentralized applications built on Shibarium include gaming, social networking, education, and supply chains.
Furthermore, the platform will also be compatible with Non-Fungible Tokens (NFTs), allowing users to issue NFTs unique to individual chains. In addition to being utilized for offerings like digital real estate and artwork, users can also exchange these tokens for access to live events.
The Shibarium development team has also revealed that the protocol’s native token, $BONE, would be used to pay for gas transactions and reward validators and delegators. Nonetheless, the primary purpose of $BONE has been associated with governance.
Each time a milestone is met, a certain amount of a $BONE will be issued to the network’s Validators and Delegators. They will also receive a share of the TREAT token. The validator will charge a commission to cover the node’s running costs. After validator fees are deducted, rewards are given out as a percentage of the total number of $BONE tokens staked.
Meanwhile, data from the Shibburn tracking website revealed that the burn rate for SHIB jumped to a whopping 5,761% over the weekend. This also coincided with on-chain data tracker WhaleStats reporting that Shiba Inu surpassed Wrapped Bitcoin (WBTC) and became the most traded digital asset for the largest 100 Ethereum whales.