SHIB Layer 2 Shibarium Project TestNet almost here; This is how far it has gone
In a recent Medium blog post, Unification Foundationa provider of enterprise blockchain solutions, has announced that a public testnet of Shibarium, a Layer 2 scaling solution for the Shiba Inu cryptocurrency, will launch in the coming months with a public beta to follow shortly after.
Shibarium, the premium L2 for the $Shib token community, and in partnership with the Shib army, enabling fast, low-cost transactions optimized for gaming.
The TestNet project is slated to launch in the coming months, with a public beta to follow shortly after.
— MILKSHAKE (@shibainuart) Apr 11, 2022
It further states that there is a lot of hard work going on in the background right now, with lots of moving pieces like the Unification team continues to play a strong role in the development of the Shibarium network.
According to the blockchain solutions provider, it is in the process of implementing the second private Alpha TestNet for Shibarium, which will be used for network testing and development of all end-user engagement tools such as wallets and block explorers, token transfer bridges and so on.
Some private invites will be sent to trusted testers after they are prepared and deployed. The feedback will be used to improve and expand the network and tools before a public Beta TestNet is released.
Since Shiba Inu is an ERC-20 token on top of the Ethereum blockchain, it suffers from high gas costs that are prohibitive for many newbies. This is exactly why many expect Shibarium to be a game changer for one of the leading dog coins as transactions may become much faster and cheaper. Thus, Shiba Inu is optimized for gaming.
The developers of Shiba Inu are also planning to develop an algorithmic stablecoin called SHI that will work on both Ethereum and Shibarium.
Shiba Inu reveals the details of its much-discussed Metaverse project, dubbed “SHIB: The Metaverse,” a year full of other surprises with new implementations such as Layer 2 Shibarium and SHI, the Shiba Ecosystem stablecoin.
Recent updates also indicate that the SHIB brand portal is nearing its final phase. Shiba Inu stated earlier this year that it is getting ready to create its own “combustion portal”; SHIB tokens are burned daily by the platform and removed from circulation. The development will increase demand and create scarcity in the market, setting the pace for long-term price growth.