Shibarium's Launch and DeFi Ambitions
The much-awaited Shibarium network saw over 21 million wallets created during its test net and is expected to position Shiba Inu as a serious DeFi contender. With a focus on low-fee ecosystems mainly centered on financial services and gaming, Shibarium's launch represents a significant leap in the DeFi landscape.
Utilization of Tokens in Shibarium
The Ethereum layer-2 network will utilize BONE, TREAT, SHIB, and LEASH tokens for applications built on the blockchain. The increased demand and application of these tokens could lead to a rise in their prices, reflecting the growing influence of the Shibarium network.
Shibarium's Inception and Competition
On Wednesday, Shiba Inu developers were set to push the Shibarium blockchain live, joining at least 50 other networks in the increasingly crowded blockchain landscape. As an Ethereum layer-2 network using SHIB tokens as fees, Shibarium offers faster and cheaper transactions, appealing to users interested in financial services and gaming.
Shiba Inu's Evolution into a Serious Blockchain Project
Shibarium is part of a broader strategy to elevate Shiba Inu from a meme coin to a serious blockchain project. With SHIB tokens rapidly gaining market capitalization since their launch in August 2020, developers are now enhancing their utility through the Shibarium network.
Shibarium's Focus on Metaverse, Gaming, and DeFi
Shibarium's focus extends to the metaverse and gaming applications, especially with the anticipated growth in the NFT sector. Its utility as a cost-effective settlement for DeFi applications further underscores its potential impact on the decentralized finance world.
DoggyDAO and Shibarium’s Network Activity
The introduction of a "DoggyDAO," governed by token holders, to fund projects building on Shibarium signifies community involvement. The popularity of SHIB tokens, with 21 million wallets created during testing, suggests a brisk network activity after going live.
Shiba Inu Lead Developer’s Perspective
Shiba Inu lead developer "Shytoshi Kusama" emphasized the importance of community and decentralization in building “everything apps” and ensuring full user interactivity. Shibarium, according to the developer, lives at the intersection of these principles.
Shibarium's Proof-of-Stake Mechanism
As a proof-of-stake blockchain, Shibarium relies on validators and delegators who run nodes, process transactions and create new blocks. This system ensures the operation and overall security of the ecosystem, establishing Shibarium as a robust and reliable network in the DeFi world.