November 6, 2023
4 min read
Despite Ethereum's transition to a proof-of-stake model, its scalability issues have not yet been solved completely. Different teams and companies come up with new ways of solving this issue, such as the so-called Layer 2 blockchains. One of such Layer 2 blockchains - Shiba Inu's Shibarium is the topic of this article.
Shibarium is a Layer 2 blockchain built for the Ethereum blockchain. It is backed by Shiba Inu's SHIB token and offers a platform for dApps and NFT development, while also keeping the transactions fast and cheap. By addressing these issues, Shibarium improves the usability of the Shiba Inu token and has the potential to contribute to the wider adoption of blockchain technology. The Shiba Inu community sees the launch of Shibarium as a crucial development point in the token's journey from being a meme coin to a significant player in decentralized finance.
Since Shibarium is a part of the SHIB ecosystem, they not only share the mascot, but the dev team as well. The Ethereum-based SHIB token was developed by an anonymous individual or group known as "Ryoshi." Despite the anonymity, it is believed that Ryoshi took inspiration from the popular cryptocurrency Dogecoin and aimed to create a decentralized meme token that could engage the Shiba Inu-loving community. Launched in 2020, SHIB quickly gained attention and became one of the fastest-growing cryptocurrencies, popular for its meme-inspired branding and its focus on building a community-driven ecosystem.
Besides Ryoshi, another name attached to Shiba Inu is Shytoshi Kusama. It is believed that Shytoshi Kusama is the lead developer and co-founder of the Shiba Inu ecosystem and SHIB token. This person has been around since the Shiba Inu's inception, even though the real identity behind Shytoshi Kusama remains a mystery.
Shibarium is designed to provide people, developers and IRL businesses with a platform with a cost-effective blockchain that provides faster transaction speed and lower fees compared to other players on the crypto market.
To achieve that goal, Shibarium takes the load off the Ethereum blockchain. A high blockchain load leads to transactions taking more time to complete and drives the fees up. By taking the load off the Ethereum mainchain, Shibarium ensures the fees remain low and the transactions go through quickly.
Transactions on Shibarium, of course, still require a network fee. The fees on the Shibarium blockchain are paid in BONE, which is the native token within the Shibarium protocol, launched by Shiba Inu in July 2021.Twenty million BONE tokens will be set aside as an incentive for validators and delegators inside the Shibarium ecosystem.
To become a validator within the Shibarium network, users must lock 10,000 BONE tokens. For users who are not interested in running a node or becoming a validator but still wish to participate in the network or make some additional profit, BONE staking will be available as well.
As a part of its 'Join Shibarium" program, the Shiba team was actively inviting "Web3/4” developers to join the Shibarium platform, along with the validators, businesses interested in using SHIB tokens for payments, ecosystem managers, and content creators. As of writing this article (September 2023), the applications are closed as the blockchain is finally ready to launch.
There are plans to integrate Shibarium into the (SHIB) Shiba Inu metaverse programs, as well as the Shiba Eternity game along with other tokens of the Shiba Inu ecosystem, such as Leash (LEASH) and BONE.
ShibaSwap, the Shiba Inu ecosystem decentralized exchange that allows users to trade SHIB and other tokens already introduced yield farming for Bone tokens.
The Shiba ecosystem helps new projects to take off through so-called launchpads, such as Dogpad, with its DOGPAD token, and ShibPad, with SHIBP. These launchpads serve as launch platforms, helping projects to pick up momentum and exposure.
Shiba Inu project also utilizes a large number of decentralized applications (dApps). Shib Chomp, for example, provides storage solutions, utilizing its CHOMP token. Treat enhances stability and governance using its very own stablecoin TREAT. With Prodigy, holders of PRO token can use a trading bot to swap tokens with maximum profits. There is also the Shibarium Name Service (SNS) which works in much the same way as the Ethereum Name Service (ENS).
And of course, no Shiba Inu project would be complete without NFTs and meme coins which are plentiful on the Shibarium network.
One of the most exciting upcoming projects of the Shiba Inu community is Shib - The Metaverse, designed to greatly expand the utility of the Shiba Inu ecosystem. It is currently planned to launch by December of 2023. Shib - The Metaverse will have 100,595 plots of land minted by users, allowing landowners to get passive income from the land they own. The metaverse will allow users to create their own avatars, stylized as humanoid dogs, fitting the Shiba Inu's mascot. Players will be able to explore the lands, visit, and interact with each other, as well as participate in the in-game economy.
The Token Bridge is a tool that allows users to easily transfer their tokens from the Ethereum blockchain to Shibarium. Thus, you can enjoy all of the benefits of the Shibarium blockchain without having to purchase additional funds, while still being connected to the Ethereum ecosystem.
If you have the ETH-based BONE token, you can bridge it to Shibarium and get it into your Atomic Wallet right now! For now, the bridge only works with a curated list of tokens, but there is no doubt that the list will grow over time.
What you need to do first is to import your private keys to Metamask. We have a detailed guide on how to do that here. After you've imported your keys from Atomic Wallet to Metamask, you can bridge your tokens by connecting Metamask to the designated Token Bridge website.
Shibarium is not the first Layer 2 solution for the Ethereum network. The first ones that come to mind when thinking about Ethereum blockchain Layer 2 solutions are Arbitrum and Optimism. Both Arbitrum and Optimism state that their goal is to provide cheaper and faster transactions for Ethereum, just like Shibarium. Each of these blockchains also has its own main token - ARB and OP respectively.
The reason why a potential investor might choose Arbitrum or Optimism over Shibarium is their status in the crypto community. As of right now, these two have simply been around longer, which allowed them to get a substantial, established user base. It is important to note, however, that once Shibarium is launched fully, its user base might overshadow that of Optimism and even Arbitrum.
Shibarium, however, has one key advantage which just might tip the scales in its favor. The aforementioned BONE staking has the potential to attract a lot of investors by promising hefty staking rewards.
BONE tokens are traded on both centralized and decentralized cryptocurrency exchanges. The most widely preferred platform for purchasing and trading Bone ShibaSwap is Shibaswap, with the BONE/WETH trading pair being the most popular one. Additionally, alternative popular choices are Biconomy and XT.COM.
BONE ShibaSwap is an ERC-20 token, so the options for storage are truly plentiful. Most wallets support for these tokens. Atomic Wallet is no exception! Atomic Wallet supports all ERC-20 tokens, even if some of them are not enabled by default. Check out the Atomic Shibarium Wallet here!
At the time of writing this article (11.09.2023), the price sits at $0.899323.
Over the last 24 hours, the trading volume for Shibarium was $2,462,305.
Shibarium has a market cap of $205,895,318.
The Shibarium all-time-high of $15.50 was reached on July 07, 2021.
At the time of writing this article (11.09.2023), the circulating supply of Shibarium is 229,922,397 BONE.
Shibarium's max supply is 250,000,000 BONE.
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