Meme coins are a contentious topic in the cryptocurrency industry as well as being volatile in terms of their market performance. The two original coins that have performed the best, Dogecoin and Shiba Inu, have drawn a lot of criticism. The former was started as a joke, and the latter as a troll attempt to bring down the former, which was succeeding.
So you can understand why people might be a little hesitant about the long-term potential of either coin and especially hesitant about either being a fraud. But other meme coins have appeared in an attempt to duplicate the success of these two. Like any new-generation coins, they aim to improve on the original’s shortcomings while preserving its finest features.
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Love Hate Inu (LHINU) and Tamadoge (TAMA), in particular, have the appearance of meme coins that will someday surpass their siblings in size. They have demonstrated that meme currencies don’t just have to be lighthearted investments with little real value. Instead, they’ve demonstrated that they can support robust ecosystems that provide features on par with those of other cryptocurrencies while also preserving their fin meme roots.
It’s a bit of a chicken and egg issue with shibarium. Shiba Inu would have continuously sought to advance and expand as a coin, or are they responding to this new wave of meme coins that pose a challenge to their position? In either case, Shibaarium ought to help not only its own native token but also popular meme coins.
What is Shibarium?
An upcoming layer-2 (L2) blockchain network called Shibarium is designed for Shiba Inus. Shiba Inu, a memecoin, will become an entire ecosystem as a result.
The Shibarium concept was suggested by Ryoshi, the eponymous Shiba Inu inventor, in a now-deleted blog post from May 2021. On top of the Ethereum blockchain, the project plans to provide a layer-2 blockchain solution. Shiba Inu will become a whole ecosystem including a decentralized exchange (DEX), a metaverse, and blockchain games like Shiba Eternity as a result of the growth, which will shift it from being a memecoin.
Memecoins are cryptocurrency tokens that are animated or humorous depictions of popular internet memes. These coins are typically quite volatile, heavily influenced by pop culture, and have a big quantity, which causes significant inflation. The total supply of Shiba Inu (SHIB) is 1 quadrillion, or 1,000 trillion. Shiba Inu is intended to be reorganized as a multi-project and stable ecosystem through the Shibarium portal.
The project’s launch date has not yet been announced by the Shibarium creators. Nonetheless, SXSW 2023 hosted an alpha preview of SHIB metaverse, a component of the project, from March 13 to March 15. The release was supposed to happen in February 2023, but it was postponed since the creators wanted to present a flawless version after careful testing through several stages.
How Does Shibarium Work?
Shibarium will remove a significant number of transactions from the Ethereum blockchain, increasing throughput without lowering security. The token burning process will aid in limiting inflation.
The new Shibarium will manage transactions while keeping Ethereum’s security layer. Shibarium itself manages the majority of network operations, relieving Ethereum of the potential deluge of transactions. This will lead to transactions that are both quick and secure.
Before using PoS, Ethereum’s limited throughput caused network congestion and skyrocketing gas costs of $50–$80 per transaction. The Merging reduced fees while increasing network throughput. Although the base blockchain must manage a number of initiatives that slow it down, L2 solutions are still necessary.
The Shibarium portal will contain a system to burn SHIB tokens paid as fees for carrying out transactions, which will stop the inflation of the SHIB coin and cause its prices to rise. The price of tokens will settle and the number of coins in circulation will decline as a result.
To send tokens to one-way wallets, which accept the tokens but never release them, use the method of coin burning. These coins are irretrievably gone. Coins are continuously burned in cryptocurrency projects over time to prevent inflation.
Benefits of Using Shibarium
The advantages of the Shibarium blockchain are innumerable. Here are some examples:
1. Shibarium gas fees will be surprisingly cheap, and consumers will have the option to make them even lower.
2. Shibarium is a decentralized system that is extremely safe for exchanging sensitive data without being susceptible to hacking.
3. Users will be able to view and follow transactions, which promotes transparency.
4. Productivity—Shibarium will process transactions quickly.
The cryptocurrency Ethereum is renowned for having unusually high gas costs. Shiba Inu users are feeling the pressure, and as SHIB depends on the Ethereum blockchain, only a Layer 2 solution can address the problem.
Efficiency gains will result in the kind of quick, inexpensive transactions required for gaming. Shibarium’s effectiveness as a scaling solution may also make the SHIB ecosystem more appealing to major businesses with a high volume of daily transaction requirements.
The team behind Shibarium
Lead Shiba Inu (SHIB) developer Shytoshi Kusama has revealed his ideas for a Layer-2 solution dubbed Shibarium. Kusama recently spoke about his efforts to build the platform and the difficulties he encountered in a blog post.
Recourse for Concerns and Issues
In March 2023, a well-known Shiba Inu user set fire to the project’s official Discord server to draw attention to a number of problems with the Shibarium Layer 2 public testnet.
Shibarium’s Chain ID was being used by another blockchain, the concerned community member noted. The Shibarium testnet, he said, looked to have stolen the genesis file from the Rinia testnet, changed their name to Shibarium, but left the chain ID unchanged.
The chief developer of Shiba Inu, Shytoshi Kusama, responded after the post received a lot of attention.
Shytoshi’s declaration did little to ease the rising tension because it did not deal with the fundamental issue. The SHIB and BONE tokens had a decreasing trend over the past 24 hours as a result.
Benefits of Shiba Inu Ecosystem
Discussions about Shiba Inu adoration can take place in the bizarre and lovely Shiba Inu ecosystem. From individuals who simply adore the species to those who have committed their entire lives to breeding and showing them, the community is made up of a wide variety of people. It is a place where individuals can congregate to exchange knowledge, gain from one another, and aid one another in their goals.
The Shiba Inu ecosystem is an open-source ecosystem of protocols, platforms, and decentralized applications (DApps) that enables the development of smart contracts and DApps on the Ethereum blockchain. The Shiba Inu token lives in the Shiba Inu ecosystem (SHIB). An ERC-20 token called SHIB was developed as a spoof of the well-known cryptocurrency Dogecoin (DOGE). Inside the ecosystem, Shiba Inu tokens are used to pay for goods and services.
Expected Launch Date
On February 27, 2023, Shytoshi Kusama, the chief developer of Shiba Inu, published a new website, a Twitter account, and a Shibarium intake form for anyone interested in working with SHIB. The goal was to select a chosen candidate to serve as a validator for the Layer 2 Solution by contacting more reputable businesses. Interestingly, the SHIB team has now had contacts from a number of projects ready to build on the Shibarium.
More than 3,000 Shibarium intake forms have reportedly been filed, according to the Shiba Inu Twitter community account LucieSHIB. Also, it’s crucial to remember that the project will be a public Beta. This implies that Shibarium can be used and built upon by anyone. Since anyone can develop on Shibarium, Kusama claims that the community members should do considerable research before participating in any project. So, shibarium release date will be announced through this page.
Although many people regard Shiba Inu as a meme currency, it has developed much beyond that label. Currently, it has grown into a complete ecosystem, with tokens like LEASH and BONE providing functions that SHIB couldn’t have handled on its own.
Shibarium news mention that it offers the opportunity to take advantage of and expand the ecosystem by providing quicker transactions, more security, and more. To ensure that this much awaited blockchain solution gets off to a strong start, developers have given it their all.