Cryptocurrency Shibainu to release public beta version of L2 “Shibarium” this week

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Release public beta

Crypto asset (virtual currency) Shibainu Token (SHIB) announced on the 8th that it will release the public beta version of its own L2 solution “Shibarium” this week.

Currently, the post is only a tweet, and details have not been announced. Details on how to access the Sibarium beta will be announced in the coming days.

Attention #SHIBARMY

We’re thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK!

Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib! #ShibariumBeta pic.twitter.com/0fG3u3mY4S

— Shib (@Shibtoken) March 7, 2023

Sivalium was said to be nearing its launch in January this year. At that time, he said that he could not announce the release date of the beta version yet, but the launch will be realized after about two months.

According to a January announcement, Sibarium aims to improve scalability, similar to other L2 solutions, for faster transaction speeds and cheaper fees. It operates as L2 of Ethereum (ETH) and uses the following three types of tokens.

shibainu token
Doge Killer (LEASH)
Bone Shiba Swap (BONE)

Following this announcement, the prices of LEASH and BONE tokens, in particular, skyrocketed. The above tweet was announced at 6:15 on the 8th of Japan time. At the time of writing this article, LEASH token was up over 15% and BONE token was up over 23% over 24 hours (according to CoinGecko).

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Features of Sibarium

Sibarium is expected to be used in various fields, but in the January announcement, Metaverse (virtual space) and games were cited as examples. Metaverse and games are use cases that particularly require high scalability for blockchain.

What is the Metaverse

A multiplayer 3D virtual reality world built on the Internet. There are various ways to use it, such as playing games, participating in live music, and attending company meetings through avatars.

Blockchain is not necessarily used in the Metaverse, but it is said to be compatible with NFTs (non-fungible tokens) and cryptocurrencies.

Cryptocurrency Glossary

connection: What is the next-generation virtual space service “Metaverse”? | Also explains the relationship with blockchain

Use BONE tokens to pay for gas on Sibarium. In addition, although Sibarium is L2, it uses “Delegated Proof of Stake (DPoS)” as a consensus mechanism, and BONE tokens are also used to pay this reward.

Another major feature is the introduction of a mechanism to burn Shibainu tokens. The burn rate is undecided, but it is expected that the decrease in supply will put upward pressure on the price of the Shibainu token.

connection: What is Shibainu (SHIB) Token Explanation of meme tokens listed on domestic exchanges