The team behind Shiba Inu, the second largest meme coin by market cap, is currently developing its Layer 2 blockchain, Shibarium. The new project aims to ensure higher scalability and faster transaction speed while maintaining lower network costs. Also, it will provide an elaborate development framework for the Shiba ecosystem.
The protocol team plans to launch Shibarium this year, but nobody knows the exact date for its release. While some people, both within and outside the Shiba community, anticipate the new blockchain to kick off on Valentine’s day, a lead developer has a contrary opinion.
Shibarium Has No Fixed Date of Release Yet
While responding to a query, the lead developer of Shiba Inu, Shytoshi Kusama, stated that there are no given details on the launch date. So, he can’t state any particular date for it.
Further, the developer explained that a switch button could not complete the launch event. Instead, it passes through stages and phases that would ensure the functionality and stability of the network.
Earlier this year, SHIB developers announced the release of the Shibarium beta. Also, they highlighted some features and functions of the layer 2 network while trying to correct the wrong information surrounding the protocol.
According to the details, the birth of Shibarium serves as a fulfillment of the founder’s vision in the crypto space. This is because the network will allow users to build and grow the project while earning through the entire advancement flow. Furthermore, it will welcome new users and help them learn the development processes through its secured ecosystem.
Further, the team pointed out that patience is an essential virtue, and frowned at the wrong assumption that Shibarium’s primary focus is to hike prices for the SHIB token. Instead, the design of the layer 2 blockchain is to set a transitional evolution for the Shiba ecosystem, the team said.
Additionally, the team mentioned that the layer 2 blockchain would handle all the issues associated with entering all transaction types.
It would support the development of decentralized applications (DApps) and integrate non-fungible tokens (NFTs) into the network. Also, it will increase the speed and scalability of transactions while running at lower costs for users.
SHIB Might Spike in Prices Through Layer 2 Upgrade
Though the Shiba Inu team stated that the main focus of Shibarium is not on raising SHIB’s price, a key feature in the upgrade will ensure that. The upgrade comes with a burning mechanism for SHIB.
The team noted that the burning mechanism would occur once a transaction is made on the network. Also, there will be an implicit burn amount for SHIB on all transactions, which is expected to positively impact the value of SHIB in the long run.
Featured image from Pixabay and chart from TradingView.