Shiba Inu announces the launch of Shibarium, its Ethereum L2 solution, on mainnet
Shiba Inu, a popular meme coin, launched its own Ethereum layer-2 scaling solution, Shibarium, on Aug. 16. Shibarium is a new blockchain platform that aims to provide faster and cheaper transactions for Shiba Inu and other Ethereum-based tokens. Shibarium uses a novel consensus mechanism called proof-of-participation (PoP), which selects validators based on their stake in the associated cryptocurrency. This reduces the computational cost and energy consumption of proof-of-work schemes. Shibarium is compatible with the Ethereum layer-1 blockchain, allowing users to interact with both networks seamlessly.
Shiba Inu gained fame during the 2020–2021 bull market, surpassing Dogecoin, the original meme cryptocurrency, in market capitalization. However, it suffered a steep decline in value during the bear market, losing more than 80% of its peak price. Despite the price drop, the Shiba Inu community remained loyal and active, developing a decentralized ecosystem around cryptocurrency. The ecosystem includes a decentralized exchange, ShibaSwap, a native token, BONE, a metaverse, and a Web3 game. The launch of Shibarium boosted the price of SHIB, which reached a new multiweek high before the event.
Shiba Inu, a popular meme cryptocurrency, launched its own Ethereum layer-2 scaling solution, Shibarium, on Aug. 16. Shibarium is a new blockchain platform that aims to provide faster and cheaper transactions for Shiba Inu and other Ethereum-based tokens. Before the launch, Shibarium had already attracted many new projects that wanted to use its features. The lead developer of Shiba Inu, who uses the pseudonym Shytoshi Kusama, posted a screenshot of some of the companies developing on Shibarium on X (the former Twitter), indicating that there are over 100 of them.
Kusama said that Shibarium is based on the principles of community and decentralization, which are essential for creating an “everything app” that many tech world are discussing. He also said that Shibarium has a unique framework, governance, and charter to ensure the ecosystem’s decentralization, interoperability, and user-centric design. Shibarium will use two types of nodes: Heimdall and Bor. Heimdall will be the validator node using the Tendermint consensus engine, while Bor will be the block production node compatible with the Ethereum Virtual Machine.
To become validators in the Shibarium network, people need to lock 10,000 BONE, the native token of Shiba Inu. Shibarium will reward validators and delegators with 21 million BONE reserved. Validators and delegators will also pay authorized gas charges with BONE.
