Sunday, May 26, 2024

The much-awaited layer 2 blockchain Shibarium is expected to go live after a Toronto conference in August, developer Shytoshi Kusama said in a Thursday blog.

Layer 2 refers to a set of off-chain systems (separate blockchains) built on top of layer 1 protocols that reduce bottlenecks with scaling and data. These bundle multiple off-chain transactions into a single layer 1 transaction, which helps reduce the data load and fees.

“The completed Worldpaper will be exhibited, all Shib branded projects will be published and Treat will be published in detail for the first time,” Kusama said. “In addition, it is very likely that we will also discuss and release the long-awaited L2 Shibarium.”

Developers added DoggyDAO, decentralized autonomous organization (DAO) run and governed by token holders, will be introduced at the time and used to fund projects building on Shibarium.

Shibarium’s testnet, or a testing blockchain, has seen meaningful activity in the past months with 20 million transactions from an estimated 16 million wallets as of June. Such brisk activity on the Shibarium testnet indicates demand for the network.

Developers have previously said Shibarium would have a focus on metaverse and gaming applications especially as the non-fungible token (NFT) sector is expected to heat up in the coming years.

The launch could contribute to strong fundamentals for shiba inu (SHIB), formed in the previous bull market as a Shiba Inu-themed meme coin that has since tried to position itself as a serious project with its own blockchain network and dapp ecosystem.

Meanwhile, Shiba Inu ecosystem tokens showed mixed movement in the past 24 hours.

CoinGecko data shows bone (BONE) jumped as much as 4.5%, while leash (LEASH) rose 2%. SHIB tokens slid 5% in line with a broader drop in major tokens.

Edited by Parikshit Mishra.

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