Shibarium Blockchain, based on Shiba Inu, launching in August.
The highly anticipated layer 2 blockchain Shibarium is expected to go live after a Toronto conference in August, according to developer Shytoshi Kusama’s Thursday blog.
Layer 2 refers to a collection of off-chain systems (separate blockchains) built on top of layer 1 protocols that address scaling and data bottlenecks. These systems bundle multiple off-chain transactions into a single layer 1 transaction, reducing data load and fees.
“The completed Worldpaper will be showcased, all Shib branded projects will be released, and Treat will be detailed for the first time,” said Kusama. “Additionally, we are very likely to discuss and release the long-awaited L2 Shibarium.”
Developers have introduced DoggyDAO, a decentralized autonomous organization (DAO) governed by token holders, which will be used to fund projects built on Shibarium.
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Shibarium’s testnet, a testing blockchain, has seen significant activity in recent months, with 20 million transactions from an estimated 16 million wallets as of June. This active usage indicates demand for the network.
Developers have previously stated that Shibarium will focus on metaverse and gaming applications, particularly as the non-fungible token (NFT) sector is expected to grow in the coming years.
The launch of Shibarium could contribute to the strong foundation of shiba inu (SHIB), which was created during the previous bull market as a Shiba Inu-themed meme coin but has since aimed to establish itself as a serious project with its own blockchain network and dapp ecosystem.
Meanwhile, tokens in the Shiba Inu ecosystem have shown mixed movement in the past 24 hours.
CoinGecko data reveals that bone (BONE) saw an increase of up to 4.5%, while leash (LEASH) rose by 2%. SHIB tokens experienced a 5% decline in line with a broader drop in major tokens.
Edited by Parikshit Mishra.