Valentine’s Day Launch of Shibarium Uncertain, Developer Confirms
February 13 2023 - 9:30AM
NEWSBTC
The team behind Shiba Inu, the second largest meme coin by market
cap, is currently developing its Layer 2 blockchain, Shibarium. The
new project aims to ensure higher scalability and faster
transaction speed while maintaining lower network costs. Also, it
will provide an elaborate development framework for the Shiba
ecosystem. The protocol team plans to launch Shibarium this year,
but nobody knows the exact date for its release. While some people,
both within and outside the Shiba community, anticipate the new
blockchain to kick off on Valentine’s day, a lead developer has a
contrary opinion. Related Reading: Bitcoin NFT Ordinals Boosts
Taproot Adoption By 1,000% In Q1 2023 Shibarium Has No Fixed Date
of Release Yet While responding to a query, the lead developer of
Shiba Inu, Shytoshi Kusama, stated that there are no given details
on the launch date. So, he can’t state any particular date for it.
Further, the developer explained that a switch button could not
complete the launch event. Instead, it passes through stages and
phases that would ensure the functionality and stability of the
network. Earlier this year, SHIB developers announced the release
of the Shibarium beta. Also, they highlighted some features and
functions of the layer 2 network while trying to correct the wrong
information surrounding the protocol. According to the details, the
birth of Shibarium serves as a fulfillment of the founder’s vision
in the crypto space. This is because the network will allow users
to build and grow the project while earning through the entire
advancement flow. Furthermore, it will welcome new users and help
them learn the development processes through its secured ecosystem.
Further, the team pointed out that patience is an essential virtue,
and frowned at the wrong assumption that Shibarium’s primary focus
is to hike prices for the SHIB token. Instead, the design of the
layer 2 blockchain is to set a transitional evolution for the Shiba
ecosystem, the team said. Related Reading: IMF Says El Salvador
Should Avoid Trading Bitcoin Bonds – Here’s Why Additionally, the
team mentioned that the layer 2 blockchain would handle all the
issues associated with entering all transaction types. It would
support the development of decentralized applications (DApps) and
integrate non-fungible tokens (NFTs) into the network. Also, it
will increase the speed and scalability of transactions while
running at lower costs for users. SHIB Might Spike in Prices
Through Layer 2 Upgrade Though the Shiba Inu team stated that the
main focus of Shibarium is not on raising SHIB’s price, a key
feature in the upgrade will ensure that. The upgrade comes with a
burning mechanism for SHIB. The team noted that the burning
mechanism would occur once a transaction is made on the network.
Also, there will be an implicit burn amount for SHIB on all
transactions, which is expected to positively impact the value of
SHIB in the long run. Featured image from Pixabay and chart from
TradingView.
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