The Shiba Inu team announced on Sunday that the swift layer-2 update Shibarium for the ecosystem is imminent.
The team behind the dog-themed meme currency Shiba Inu (SHIB) has announced the imminent beta release of Shibarium, a layer-2 network that will function on top of Ethereum.
Shibarium will supposedly reduce costs and enhance transaction speeds, while the precise number of transactions per second has not been published.
The notification did not say when the testnet would be launched, but said that “the final touches are being applied.”
As a layer-2 delegated proof-of-stake (DPoS) blockchain, Shibarium will be controlled and safeguarded by validators and delegators who stake their tokens in exchange for incentives. These awards will consist of BONE, which is a governance token for the decentralized exchange ShibaSwap and will become the Shibarium’s gas token, and a soon-to-be-launched TREAT token.
The Shiba Inu team did not immediately react to Decrypt’s request for comment, thus it is unknown how the TREAT token would be utilized.
The release also detailed a new SHIB burning process that would replace the former Burn Portal, which encouraged but did not oblige users to burn their SHIB. After the introduction of Shibarium, all network transactions will involve the burning of SHIB, exerting deflationary pressure on the overall SHIB supply—a feature often demanded by the Shiba community.
While this announcement is for the launch of the Shibarium testnet, the integration of ShibaSwap will not be included until the introduction of the mainnet, it was emphasized.
ShibaSwap will be added to the network once the mainnet is operational “to enhance the Liquidity Pools and their curves to attract more liquidity in regular and stable pairings.”
As for Shiba Inu’s token, SHIB climbed 2.5% in the last day and a stunning 20% in tandem with the broader cryptocurrency market gain.