- Shiba Inu is one of the biggest meme coins in the crypto market. Recently, the developers of this meme coin launched a new project called Shibarium.
- Apparently, this new Shibarium project will help reduce the dependence of Shiba Inu on Ethereum. Therefore, this latest update on the Ethereum network is set to bring many benefits.
The Shibarium update on the Ethereum network mainly aims to improve the Shiba Inu project. Once this update is complete, it will reduce the dependency on the Ethereum network.
What is Shibarium Update?
Shiba Inu is a project building its way to becoming a well-established cryptocurrency. Starting as a meme coin, Shiba Inu resided on the Ethereum network. But the project is expanding and needs to reduce its dependence on Ethereum. Therefore, they proceeded with the creation of the Shibarium.
Shibarium is a layer 2 blockchain solution set to boost the Shiba Inu project. It is imperative to note that Shibarium isn’t a fully-fledged blockchain. However, it is a blockchain layer that runs with the aid of the Ethereum network. In other words, the update doesn’t mean Shiba Inu is taken entirely off the Ethereum network. It only means that it will take a large portion of transactions from the Ethereum network.
The Ethereum network has always had its own criticisms. It is mainly because of the high gas fees. Despite transitioning to proof-of-stake, the positive effects are taking time to reflect.
What Are the Benefits of the Shibarium Update on Ethereum?
The benefits of the Shibarium update on the Ethereum network are pretty encompassing. It will change a lot of things for the Shiba Inu project.
First, higher throughput is the major goal of the update. Apparently, Shiba Inu developers aim to have one of the highest throughputs among layer 2 networks. Following closely is the reduction of gas fees paid on tokens. According to the project developers, less fees will be charged.
In fact, another benefit is the DApp accelerator which Shiba Inu plans to implement. DApps is one of the bigger topics in the crypto industry, and Shiba Inu doesn’t want to miss out on this. The Shibarium update will add more utility to Shiba Inu tokens. This is because introducing Shibarium adds a burning mechanism to Shiba Inu tokens. Considering the massive total supply Shiba Inu has, this could help reduce its circulating supply. On the other hand, the new update could also help spark interest in metaverse development.
Developers Begin Tests
Tests have already started on the new Shibarium project. A pseudonymous “marketing specialist,” Lucie, a Shiba Inu enthusiast, announced the new tests on July 26th on Twitter. This is an important step towards completing the Shibarium project. It means the project is nearing completion.
Apparently, the developers approved the public testing phase. This will allow many community members to test the new upgrade and see what it feels like. In conclusion, there are already expectations of what Shibarium brings to the table.
