- The Shiba Inu community anticipates the imminent launch of Shibarium, the Shiba Inu ecosystem L2 network, according to an official team member.
- Shibarium, a layer-2 scaling solution, aims to tackle the high gas fees and scalability issues plaguing the Ethereum network, with each transaction leading to the burning of the Shiba Inu (SHIB) token.
Anticipating the Shibarium Launch
The launch of Shibarium, the Layer 2 network of the Shiba Inu ecosystem, may be sooner than expected, much to the excitement of the SHIB community. Lucie, a member of the SHIB marketing team, hinted at this development through Twitter, where she shared comments from Shibarium1, a developer and admin of the Shibarium Discord channel. The admin’s response to the frequently asked question, “Wen Shibarium,” hinted at an imminent launch, while providing no specific date.
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 23, 2023
The Shibarium developer’s updates suggested positive progress, with the development teams reportedly expediting the release time and performing well in testing phases.
Shibarium: Addressing Ethereum’s Challenges
Shibarium serves as a critical layer-2 scaling solution specifically designed for the Shiba Inu ecosystem. The project was conceived by the Shiba Inu development team to address the persistent challenges of high gas fees and scalability issues that have beset the Ethereum network.
The Crypto Basic had previously reported that Shibarium would instigate a burn mechanism for the Shiba Inu (SHIB) token with each transaction conducted on its network. The team confirmed this feature while reiterating that BONE would serve as the designated gas token for transactions on the blockchain.
Rising Scam Threats Amid Anticipation
However, the growing anticipation for Shibarium’s launch has not been without pitfalls. There have been instances of malicious individuals trying to exploit investors’ excitement. A recent warning came from a prominent influencer regarding a counterfeit Twitter account posing as the lead developer of Shiba Inu.
The fake account falsely announced the launch of Shibarium testnet version 2 and started a giveaway campaign to mark the event.
The Crypto Basic discovered the scam involved creating a clone of the Shibarium website with minor modifications to trick unsuspecting users. Users visiting the fake website were prompted to connect a MetaMask wallet, a step that could potentially lead to the loss of funds.