It seems that we are approaching an upcoming release of a new Layer 2 (L2) network. The Shiba Inu developers announced the “soon” activation of Shibarium. It is a network structured in Ethereum, which would expand the functionality that SHIB could offer to the crypto market. Read on and find out the details.
Progressive progress of the project
Through an announcement, a current status of the construction of the new crypto network was released. Although the arrival of Shibarium was initially taken as an “opportunity to seek price hikes”, this would not be the original intention. Those behind SHIB would have a different goal. “Patience is the key, and some see Shibarium as a tool to raise the price, but that is not the goal of the project and never has been,” they exclaim. Said announcement was comprised of the launch of the layer 2 network “Shibarium” beta, while brief details were given. In this sense, we know that the operation of this network is I would support the blockchain of Ethereum, taking advantage of its technology to facilitate exchange processes. Based on the description of the Shiba Inu developers, this network aims to “provide a tool that allows the community to build and grow the project and fulfill the vision of its founder.” Contrasting with the popular belief that points to mere speculation, it is intended to “renew the ecosystem.” This, to provide facilities for small transactions, as well as increase the speed and expand the possibilities of DApps and NFTs.
burning mechanism
A key addition in this new phase of the project would be the implementation of a SHIB coin burning system. With this, the Shiba Inu developers seek to apply some control to the amount of them that is in circulation. According to them, “all transactions on the network will have an implicit burn amount.”
Among the updates presented, the Shiba Inu developers took into account the burning of coins as a crucial action. The massive minting of coins would directly hit the valuation of the asset. This information appears just at a time of many doubts in the crypto markets. While there is no “broad” trend for crypto buybacks yet, Bitcoin may be taking a step that smaller assets like SHIB would take advantage of. Signs of widespread recovery would represent a boost for the progressive progress of the project.
an uncertain date
Currently, we do not have precise data about when the official launch of this L2 network will occur. However, the narrative comes with comments that reflect an “early activation” of Shibarium.
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