The team behind the Shiba Inu memecoin has decided to expand the availability of the underlying technology to support more Web3 projects and bring more tokens into circulation. In the coming days, the developers of the SHIB coin will release a Layer-2 Shibarium network on the Ethereum mainnet that supports the SHIB ecosystem as the parent blockchain. The development has caused excitement among members of the SHIB community.
Layer-2 blockchain networks act as secondary platforms built on top of the main blockchain. These networks aim to increase the scalability of the main blockchain by supporting a wide variety of custom dApps and protocols while maintaining the same security standards provided by the parent chain.
With the launch of the Shibarium Layer-2 network, the Shiba Inu team expects to improve the speed of transactions, support emerging blockchain projects and enable the unification of NFTs with its ecosystem.
“We are nearing the final touches on the Shibarium beta and its imminent launch. Shibarium’s Layer-2 blockchain protocols can serve various industry areas such as metaverse, Web3 innovation and gaming,” said the official blog post from the creators of Shiba Inu.
The announcement has generated many reactions from members of the Shiba Inu community.
In light of this development, the SHIB token has increased by 4.80 percent to the value of $0.000010 (approximately Rs. 0.000854), according to Gadgets360 crypto price tracker.
“Patience is key, and some see Shibarium as a price-driving tool, but that is not the focus of the project and never has been. Shibarium is being built to fulfill Riyoshi’s vision and provide the community with a resource to build and grow the project on their own terms,” the blog added. Riyoshi is the anonymous founder of Shiba Inu.
The memecoin, which was originally created as a prank rival to Dogecoin, became the 11th largest cryptocurrency coin by market value on October 25, WatcherGuru reported.
In October last year, the Shiba Inu developers decided to enter the metaverse sphere. The Shiba Inu Metaverse, currently codenamed Shiberse, will be a metaverse real estate project where people can purchase digital parcels of Shiba Lands and build games and their virtual identities.
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