As a Layer-2 Network for the Shiba ecosystem, the dev team hopes to bring their own contribution to DeFi.
With the crypto markets seemingly on track to recovery, the Shiba team decided to announce what the Shibarium Network has in store.
Although the team did not state an exact date for the release of Shibarium’s Beta – and made it clear that they would not be dropping hints when it will be – they did state that the launch is just around the corner.
Lower GAS Fees Are a Priority
First and foremost among the features promised for Shibarium are lower gas fees. As a scaling solution built on the Ethereum blockchain, the Shibarium network aims to spare users of SHIB, BONE, and LEASH tokens from the high gas fees that can occur when the network gets congested.
Additionally, the team hinted at the possibility of going off-chain for more private transactions – which could be an asset or a liability to the network, depending on how you see the situation – as this capability could attract either benign privacy coin fans or cybercriminals, which the crypto space, unfortunately, has no shortage of.
“This layer aims, as a protocol, to work on top of existing blockchain networks, allowing for faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain.”
BONEs for All
The token chosen to power transactions on the Shibarium network is BONE, which will be the native asset for paying gas fees on the upcoming project. The token has a total supply of 250 million, out of which 20 million have been set aside to reward validators and delegators on the network.
In order to drive interest for the two new roles, the dev team announced that a faucet for test BONE tokens will be up and running soon.
Burn Mechanics and ShibaSwap Merge Incoming
As requested by the Shiba community, token burning will be coming to Shibarium. Although no release date has been confirmed for this feature either, the dev team stated that every transaction on the network “will have an implicit burn amount for SHIB token.”
SHIB reacted with an immediate price surge, alongside most of the market, and spiked to over $0.000011 for the first time in months.
The team also announced that ShibaSwap would be integrated into the Shibarium Mainnet, guaranteeing the community easier access to SHIB tools and functions.
Shiba devs have promised further updates in the near future, and directed curious users to the documentation section.