Shiba Inu Coin’s Layer 2 Network “ Sibarium ” Scheduled to Start Operation in August | CoinDesk JAPAN | Coin Desk Japan

The much-anticipated layer-2 blockchain, Shibarium, is set to go live after a conference in Toronto in August, developer Shytoshi Kusama says.I mentioned in my blog on July 6th.

Layer 2 refers to off-chain systems (independent blockchains) built on top of Layer 1 protocols to alleviate scaling and data bottlenecks. They help reduce data load and fees by bundling multiple off-chain transactions into a single Layer 1 transaction.

“The completed world paper will be on display, all Shib branded projects will be open to the public, and Treat will be revealed in detail for the first time,” Kusama said. “Furthermore, the long-awaited Civalium is likely to be discussed and announced.”

The developer added that DoggyDAO, a decentralized autonomous organization (DAO) operated and managed by token holders, will be introduced at that time and will be used to fund projects built on Sibarium.

The Sibarium testnet (testing blockchain) has seen meaningful activity over the past few months, with 20 million transactions from an estimated 16 million wallets as of June. Such high activity on the testnet indicates demand for the network.

The developer has previously said that Sibarium will focus on the Metaverse and gaming applications.

The launch could contribute to the strong fundamentals of Shiba Inu Coin (SHIB), which was formed during the previous bull market as a Shiba Inu-themed meme coin, and has its own blockchain network and Dapp ecosystem. I’m trying to position it as a major project.

Meanwhile, the Shiba Inu Ecosystem Token has made various moves over the past 24 hours.

According to CoinGecko data, BONE surged 4.5%, while LEASH jumped 2%. SHIB fell 5% following a broad drop in major tokens.

｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Shiba Inu-Based Shibarium Blockchain Expected to Go Live in August