General

Is Shibarium The Same Thing As Shiba Inu Coin?

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Shiba Inu (SHIB), the second biggest meme cryptocurrency was launched in August 2020, during DeFi Summer. SHIB is an ERC-20 digital currency built on the Ethereum blockchain (ETH). One thing that makes Shiba Inu stand out is that they have issued 1 quadrillion SHIB – the highest supply of any altcoin.

Shiba Inu coin is more than just a meme coin. They are also getting into NFTs and the Metaverse. If you contribute liquidity to the Shiba Inu ecosystem, you get rewards by staking their native coins (SHIB, BONE, and LEASH). And very recently, Shibarium was launched. 

What is Shibarium?

Shibarium is an innovative Layer-2 blockchain created by the Shiba Inu team. It is a faster and cheaper way to transact than the regular Ethereum blockchain. How expensive and slow can that be, right? Shibarium fixes those problems. It is built to work with Ethereum’s main blockchain, so it is like an even better version of it.

The Shiba Inu token will be more usable with Shibarium, which is faster and cheaper and encourages broad adoption of blockchain technology. In the meantime, the details of its operation and other technical aspects are still under wraps. Shibarium is a major step in Shiba Inu’s transformation into a powerful decentralized financial player, which the token community eagerly awaits.

How does Shibarium influence Shiba Inu?

Even though Ethereum is now a proof-of-stake (PoS) blockchain, scalability is still an issue. However, Shibarium is also a PoS project that helps Shiba Inu scale while staying connected to Ethereum. The people think Shibarium will stabilize the price for Shiba Inu and make it a long-term project.

  • Faster transactions

Shibarium will make a huge difference in Shiba Inu ecosystem growth. Adding layer 2 should speed up transactions, but we may need to wait for more precise throughput data.

  • Cost-savings

Transacting on Ethereum has been hard because of the high fees. Occasionally, the fees are higher than the transaction itself. For example, to complete a $10 transaction, you must pay $50 in Ether (ETH). As for gas fees, the Shibarium layer-2 solution should make them irrelevant.

  • Integrated ecosystem

ShibaSwap is a decentralized exchange (DEX) part of Shibarium. Also, they have some cool blockchain games. The DEX will get more users and better liquidity because people will check out the games and metaverse.

Shibarium’s Layer-2 Network: An Inside Look

If you are into crypto, SHIB returns on platforms like Twitter and Discord. It is outperforming Ethereum (ETH) and bitcoin (BTC) with a 60% increase since 2023. Shibarium is at the center of this buzz and is not just a fancy term. It is a layer-2 blockchain based on the Ethereum protocol and is directly linked to Shiba Inus.

The Shiba Inu universe got a game-changer with Shibarium, a new scalability solution. With Shibarium, token transactions are much faster, and users do not have to pay as much for gas. Besides, Shibarium has a cool feature that burns some Shiba Inu coins, meaning fewer coins are out there, and those left are worth more.

How important is Shibarium to Shiba Inu?

The Shibarium project has several critical aspects that make it significant for Shiba Inu, enhancing its long-term potential and capability:

  • Streamlined and faster transactions

Have you ever experienced those crazy high Ethereum transaction fees? There is nothing worse than fees that are higher than the transaction value. But guess what? With Shibarium, they are implementing a solution to cut down on gas fees and save us some money.

  • Enhanced utility tokens

There is a problem with the SHIB token supply. Although over 40% of them are burned, there are still so many out there that growth is hard. But this new thing called Shibarium uses BONE as its currency to help. Validators get paid in BONE for making sure transactions are valid and secure. Also, SHIB will help control the amount.

  • DApp creation

Meme coin could not be used as a native coin for DApps. But now, with Shiba Inu, developers have all the technical resources they need to build DApps suitable for its ecosystem. And the most impressive part is they can do it using Ethereum and its layer 2 solution.

Conclusion

Shibarium is different from your typical tech innovation in the Shiba Inu world. It is constantly changing and improving to meet the needs of its users. A community-driven project that puts user experience first, it aims to make transactions faster, cheaper, and more scalable.