- The Shibarium network is a low-cost option that also burns SHIB tokens.
- The beta announcement has not yet had a noticeable effect on the Shiba Inu price.
After considerable buildup, Shiba Inu’s principal developer Shytoshi Kusama finally revealed that the beta test for Shibarium has gone live. A huge, worldwide, and decentralized community, the developer argued, required a decentralized layer 2 network.
Introducing the Shibarium Early Public Beta! Find out about it, see the #shibthemetaverse WAGMI Temple area, and a a stop to the Ryoshi FUD here in this blog post. https://t.co/Dr3tAGl9PG
— Shytoshi Kusama™ (@ShytoshiKusama) March 11, 2023
On announcing the beta, the developer stated that they had chosen the name “Puppynet” for the Shibarium Network’s first beta. The release of this update coincides with widespread scepticism in the cryptocurrency industry on the potential of further depegging of the USDC stablecoin from the dollar’s value due to liquidity concerns.
One Step Closer to Main Launch
Kusama reaffirmed that Shibarium is a blockchain built for developing decentralized applications (Dapps) at the layer 2 level. Moreover, layer 2 blockchains may be integrated into functioning enterprises and used to fuel real initiatives. A previous disclosure indicated that the Shibarium network is a low-cost option that also burns SHIB tokens. Kusama released the Join Shibarium portal, an admissions mechanism for the community, in the final week of February 2023.
Information on the network, validators and staking is all accessible via the beta version’s user interface. Kusama broke the news in a blog post.
Despite this, the beta announcement has not yet had a noticeable effect on the Shiba Inu price. This is likely due to the USDC depegging that occurred following the Silicon Valley Bank collapse, which caused widespread market turbulence. Although there is a minor uptick.
The Shiba Inu ecosystem’s governance token, BONE, and the gas token of the forthcoming Shibarium Protocol, have been listed. CoinRabbit, a marketplace for lending and borrowing cryptocurrencies, now lists BONE.
