- Shibarium, the Shiba Inu-based layer 2 blockchain, is testing a bridge to Ethereum. This testing phase is a significant leap for SHIB from a memecoin to a serious blockchain competitor.
- The Shibarium network, set to start next month, will use bone, treat, shib, and leash tokens for its blockchain applications. This utilization could potentially boost these tokens’ prices due to increased demand.
In a striking move, the Shiba Inu-themed blockchain, known as Shibarium, has started public testing for an Ethereum bridge. This paves the way for users to move tokens between the two networks, a feature developers unveiled early on Friday.
🔥 Shibarium Beta Bridge has gone live for public testing! 🎉
Be among the first to try out this revolutionary cross-chain solution.
Remember, always exercise caution and verify authenticity before connecting your wallet to any website.
PLEASE DO NOT USE YOUR REAL ASSETS!… pic.twitter.com/7yfhX8gQc6
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 26, 2023
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Scheduled to commence operations next month, Shibarium aims to be a breakthrough layer 2 blockchain. The Ethereum bridge in its testing phase currently allows users to transfer Ethereum testnet tokens to the Shibarium network. The transaction duration, as elucidated by lead developer Shytoshi Kusama, is estimated to take no longer than 30 minutes. For now, the bridge does not support real assets.
Understanding Layer 2 Systems
The term “Layer 2” refers to off-chain systems or separate blockchains that are built on layer 1 protocols. These systems offer a solution to the scaling and data issues often faced by traditional blockchains by bundling numerous off-chain transactions into a single layer 1 transaction. This process significantly reduces both the data load and transaction fees.
Along with the launch of Shibarium, the decentralized autonomous organization (DAO) DoggyDAO, governed by token holders, will begin operations. The DAO will fund projects being built on the Shibarium blockchain.
The Shibarium testnet has already demonstrated impressive performance, with 27 million transactions from roughly 16 million wallets as of July. These numbers underscore the potentially high demand for the network.
Developers have hinted that Shibarium will prioritize metaverse and gaming applications, particularly in anticipation of the non-fungible token (NFT) sector’s expected growth in the years ahead. It’s a strategic focus that indicates a promising future for SHIB as it transitions from a memecoin to a robust blockchain contender.
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