Shibarium, a layer-2 network that will operate on top of the Ethereum mainnet, will soon be released in beta mode, according to an announcement made by Shiba Inu developers.
Shibarium is being developed to give a platform that will enable the community to construct and expand the project and realize the goal of its founders, according to a release from SHIB developers.
The creators also revealed information regarding layer-2 blockchains. Shibarium’s creators made it clear that this wasn’t their intention, despite some people thinking it was done to drive up the price of the meme token. They penned:
“Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project’s focus and never has been.”
Instead, the developers said that by lowering entry barriers for tiny transactions, enhancing speed, enabling the creation of decentralized apps, and including nonfungible tokens, the new infrastructure upgrade aims to “revolutionize the Shiba ecosystem.”
One of the most desired improvements for the project, a burning mechanism for SHIB, is a crucial upgrade in the latest announcement. “All transactions on the network will have an implicit burn value for $SHIB token,” the creators claim. Every time a transaction is carried out inside the network, this method will take place.
Although the developers did not provide a specific release date, they did emphasize that “soon” is their response to any concerns about the time range.
Shiba Inu community members emphasized how happy they were with the recent development. Some people think that the ecosystem’s future has a lot of promise, while others are just happy to read a fresh update on the project.
Shytoshi Kusama, the creator of SHIB, said on social media on November 22 that the World Economic Forum (WEF) has asked the initiative to work with them on developing a worldwide strategy for the metaverse.
The project’s creator emphasized that, if it materializes, the initiative would collaborate with other digital behemoths like Facebook and Decentraland to assist the WEF in developing the policy.