- Shiba Inu Team announced the launch of the beta L2 blockchain platform (Shibarium) that aims to lower gas fees on the Ethereum network.
- Transactions on Shibarium occur “off-chain” and are communicated back to the Ethereum blockchain, which allows for lower costs and faster processing times.
- Shibarium also provides a robust development framework for the community to build their vision into the blockchain, and has potential uses in gaming, social media, education, and supply chains.
- The platform also supports Non-Fungible Tokens (NFTs) and has a native token, $BONE, which will be used to pay for gas transactions and reward validators and delegators within the protocol. $BONE can currently be obtained through ShibaSwap and other platforms, and is expected to gain more attention and adoption as the launch of Shibarium approaches.
A new blockchain platform, Shibarium, is set to launch as a solution for high gas fees on the Ethereum network from the Shiba Inu team.
The launch of Shibarium is to solve a common barrier for users looking to make small transactions in their day-to-day lives, with added fees of $50-$100 on top of a fractional $15 purchase, making it impractical and unrealistic for many to use these digital assets in their daily transactions.
Shibarium is a Layer 2 blockchain, meaning that transactions occur “off-chain” and are communicated back to the Ethereum blockchain. This allows the Shibarium blockchain to handle the majority of the processing work, which in turn reduces bandwidth and lowers costs and processing time for users.
Beyond the cost and speed benefits, Shibarium’s development framework provides robust functionality to allow the…
