- The Shiba Inu community is excited about the beta Shibarium launch;
- SHIB developers say a beta version of Shibarium is coming soon;
- The price of SHIB has reacted to the announcement,
- Shibarium blockchain could change the game entirely for Shiba Inu.
Image Source: Shiba Inu
For the SHIB Army, the vibrant community of meme cryptocurrency Shiba Inu (SHIB), excitement has been the order of the day for several days as the highly anticipated Shibarium ecosystem solution nears implementation.
What is Shibarium?
Shibarium is the native DeFi platform for Shiba Inu token. It provides the infrastructure for users to create, manage, and trade their Shiba Inu tokens. Users can also access a variety of DeFi services, such as decentralized exchanges, automated market makers, liquidity pools, and yield farming. The platform also has an integrated wallet that allows users to securely store and manage their tokens.
The team behind Shiba Inu (SHIB), the second largest meme-inspired cryptocurrency, announced in a recent blog post the upcoming beta Shibarium Launch, a blockchain designed to enhance the utility of the SHIB token. As of now, SHIB exists as an ERC-20 token on the Ethereum blockchain. The Shibarium blockchain aims to reduce transaction fees and improve scalability by serving as a layer 2 solution for the Ethereum network.
That said, the question on the lips of many observers and community members is: will Shibarium make Shiba Inu more useful in real-world applications?
The Shibarium Launch Effect
Think of Shibarium as adding a turbocharger to your car. Just as a turbocharged engine can dramatically improve the overall performance of your car, the Shibarium Layer 2 blockchain solution will take the capabilities of the Shiba Inu network to new heights.
But it’s not just about speed and cost savings. Shibarium’s Layer 2 blockchain also invites solutions, innovation, and security to the Shiba Inu space. And as the world of Web 3 continues to evolve, this blockchain has the potential to serve a variety of industry areas, such as the metaverse, web3 innovation, and gaming.
So what exactly is a Layer 2 blockchain? Simply put, it’s a protocol that works on top of existing blockchain networks to allow for faster, cheaper, and more secure off-chain transactions while utilizing the security apparatus of the underlying blockchain. After Shibarium launch, developers will be able to build decentralized applications (dApps) on the Shiba Inu network. The development team also noted that Shibarium will primarily focus on NFTs, metaverses, and blockchain gaming.
The team further noted that the project will lead to more SHIB tokens getting burned, considering that every transaction requires tokens to be burned. As far as its journey to significantly cut down the supply and increase the value of SHIB goes, Shibarium is good news for the native token.
Shibarium introduces whole new dynamics for the Shiba Inu ecosystem and creates numerous possibilities for real-world use cases, which SHIB has largely lacked before now. Also, Shibarium will put Shiba Inu in the same category as popular Layer 2 networks such as Polygon and Arbitum.
Shibarium will bring even more improvements to the fundamentals of Shiba Inu’s three ecosystem tokens: Shiba Inu (SHIB), leash (LEASH), and bone (BONE), which collectively control a market capitalization of over $5 billion.
Do Not Focus on the “Wen”
In the blog post announcing the upcoming shibarium launch of the scaling solution, Shiba Inu developers failed to give an exact date for the launch of the beta version of Shibarium, saying that it would be rolled out soon and that the community should not focus on the timeline. The blog post read:
“We ask the community to please understand, that this phased release is not a matter of wen [sic] but a matter of developing Shibarium correctly and introducing it responsibly. Avoid asking wen [sic], because the answer will always be a ‘soon.’ Yet with that being said, we are approaching the finishing touches for Shibarium’s Beta and its imminent launch.”
SHIB Reacts to Shibarium Launch Announcement
Though the blog post clarified that the announcement of the project was in no way a “price pumping” scheme, many analysts believe the launch of Shibarium will have that exact effect on SHIB. Emphasizing its patience mantra, the blog post stated:
“Patience is key, and some see Shibarium as a price pumping tool, but that is not the project’s focus and never has been. Shibarium is being built to fulfill Ryoshi’s vision and provide the community with a tool to build and grow the project on their own terms.”
Between the day of the blog post release on January 15 and January 21, the price of SHIB has rallied by 27% after rallying from the $0.000010 area to the $0.00012 zone. Also, many analysts believe that the bullish trend could continue over the near term in the run-up to the launch of Shibarium, with the bullish trend reaching a fever pitch after the launch of the project.
I must add that the bullish trend in SHIB aligns with a broader recovery across the market. As I write this, Bitcoin (BTC) has just crossed the $23,000 line for the first time since August 18, pulling most of the market with it.
What Does Shibarium Launch Mean for Shiba Inu’s Use Case?
As I’ve already highlighted, Shibarium will essentially make the Shiba Inu network a DeFi hub, especially for metaverse enthusiasts, blockchain gamers, and NFT traders. Shibarium will bring Shiba Inu to the level of other Layer 2 networks through the numerous installments it comes with. Some of these include:
Shibarium will introduce NFT marketplace capabilities for the SHIB network, where users can buy and sell unique Shiba Inu-based digital assets. This includes everything from collectible art pieces to in-game items and more. With the increasing popularity of NFTs, this feature is sure to be a hit among Shiba Inu enthusiasts.
Another significant use case Shibarium will bring to Shiba Inu is the ability to stake SHIB tokens. This will allow users to earn rewards for holding and supporting the network, which is a great value-add for the network.
Decentralized Finance (DeFI)
Shibarium also enables the use of Shiba Inu in various decentralized finance (DeFi) applications, such as lending and borrowing. This opens up new opportunities for users to earn interest on their Shiba Inu holdings or use them as collateral for loans.
Shibarium’s platform also enables the creation and use of Shiba Inu-based in-game items and currencies. This can be a great way for gamers to earn rewards or purchase in-game items using their Shiba Inu holdings.
Image Source: Google Images
Keep in mind that all these use cases are in addition to other underappreciated use cases such as everyday transactions and online payments, thanks to the network’s low cost and transaction facilitation speeds.
The Shibarium Launch
Shibarium, a decentralized platform for digital collectibles backed by the Shiba Inu (SHIB) cryptocurrency, is expected to have a significant impact on the price of SHIB. The platform allows users to buy, sell, and trade digital collectibles that are backed by SHIB. This could lead to increased demand for SHIB, thus driving up its price. Additionally, the platform allows users to “mint” their own digital collectibles, which could further increase demand and the price of SHIB. Finally, it is likely that the launch of Shibarium will bring more attention to the SHIB cryptocurrency, which could also lead to increased demand and an increase in its price.
With Shibarium, the days of describing Shiba Inu as having no real use case just might be over.