As the Shiba Inu Coin (SHIB) resurgence persists, the memecoin’s ecosystem continues to grow, with the Shibarium blockchain set to add to an already extensive network.
Here’s what you need to know about Shibarium.
What Is Shibarium?
Shibarium is a blockchain/layer-2 solution first proposed by Ryoshi, the creator of Shiba Inu Coin.
Ryoshi initially used the phrase blockchain, but it is more likely to be an L2 that sits on top of an already existing (Ethereum) blockchain. The SHIB creator said: “The line between an L2 and own blockchain is thin, I mean what is the difference really between Matic L2 and BSC?”
While SHIB and LEASH tokens currently have more utility in ShibaSwap, neither of these will be the primary pair token for Shibarium. Instead, it will be BONE. Ryoshi explained this reasoning, stating “BONE will have a fair and ‘0’ start in which we will not have to be concerned about over-arching whale bags.”
However, SHIB and LEASH holders earned BONE when ShibaSwap first launched, meaning there are likely a hefty number of BONE whales out there.
What Will Shibarium Actually Do?
There are very few details available about Shibarium at the moment, but we do know that one of the primary goals will be to lower transaction fees for those in the Shiba ecosystem.
Ryoshi first said that Shibarium’s transaction fees will be minimal, or even zero. Speaking on the Shiba Discord, Shytoshi Kusama, the Shiba Project Lead, said “Shibarium will offer low fees for every service, game or whatever that builds on it.”
It will also eventually work with SHI - the Shiba stablecoin also envisioned by Ryoshi in the same blog post.
Shytoshi even touted the advantages of Shibarium on Twitter, following backlash to the Shiboshi release.
Aside from fixing the gas issues, Shibarium could also act as a bridge for other ecosystems.
Shibarium Release Date
We don’t have an official release date for Shibarium just yet, but it should launch within a year, according to Shytoshi. In September, Shytoshi described Shibarium as in the mid-stage.
Discussing Shibarium on the Shiba Discord, the project lead said Shibarium will need a lot of testing before it can launch. They also said it “won’t take a year.”
Development on Shibarium will likely ramp up in the coming months, with Shytoshi stating “Shibarium is moving along well, but focus won’t be on it until after Shiboshis drop.”
Indeed, after the Shiboshi launch, Shytoshi said that mapping details on Shibarium is the next development focus.
Shibarium will also launch before the full Shiba NFT platform, to ensure low transaction fees.
We’ll keep this page updated as any new info about Shibarium comes out.
[Image: Mitchell Luo/Unsplash]