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SHIB Layer 2 Shibarium Project TestNet Almost Here; This Is How Far It Has Gone

Mon, 04/11/2022 - 11:24
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Tomiwabold Olajide
Unification Foundation has provided an update on Shibarium
SHIB Layer 2 Shibarium Project TestNet Almost Here; This Is How Far It Has Gone
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In a recent Medium blog post, Unification Foundation, a provider of blockchain solutions for enterprises, has announced that a public testnet of Shibarium, a Layer 2 scaling solution for the Shiba Inu cryptocurrency, is scheduled to launch within the next few months with a public beta to follow shortly thereafter.

It further states there is currently a lot of hard work occurring in the background, with many moving pieces as the Unification team continues to play a strong role in the development of the Shibarium network.

According to the blockchain solution provider, it is in the process of deploying the second private Alpha TestNet for Shibarium, which will be used for network testing and the development of all end-user engagement tools such as wallets and block explorers, token transfer bridges and so on.

There will be some private invitations sent out to trusted testers after these have been prepared and implemented. The feedback will be used to improve and expand the network and tools before releasing a public Beta TestNet.

Since Shiba Inu is an ERC-20 token on top of the Ethereum blockchain, it suffers from high gas fees that are unaffordable for many newcomers. This is exactly why many expect Shibarium to be a gamechanger for one of the leading canine coins given that transactions will potentially become much faster and cheaper. Thus, Shiba Inu will be optimized for gaming.

Shiba Inu devs also plan to develop an algorithmic stablecoin called SHI that will operate on both Ethereum and Shibarium.

Revealing the details of its much-talked-about Metaverse project, called "SHIB: The Metaverse," Shiba Inu teases a year full of other surprises with new implementations like Layer 2 Shibarium and SHI, the Shiba Ecosystem stablecoin.

Recent updates also indicate that the SHIB burn portal is nearing its final stages. Shiba Inu stated earlier this year that it is getting ready to create its own "burn portal"; SHIB tokens will be burned and removed from circulation daily by the platform. The development will raise demand and create scarcity in the market, setting the pace for long-term price growth.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.