What is Shibarium
Shiba Inu, one of the largest altcoin projects in the cryptocurrency market, has been rolling out multiple developments since its initial launch, from non-fungible token (NFT) collections to decentralized exchanges like ShibaSwap, while the SHIB army has been patiently awaiting the release of Shibarium.
Shibarium is an upcoming layer-2 solution that aims to improve the Shiba Inu ecosystem by, among other things, providing faster transactions at a lower cost. Shibarium will process transactions on the Shibarium ecosystem alongside Ethereum. The Shibarium chain will process a significant portion of the transaction load that the Shiba Inu ecosystem currently brings to Ethereum. Furthermore, layer 2 will remove tokens from circulation to reduce supply and raise the price. This is referred to as a token burning mechanism, in which tokens are sent to wallets that can only receive but not send tokens, also known as Dead Wallets.
Shibarium Release Date
Shibarium has no official release date as of this writing. According to the official blog post, developers have been working on the project since April 2022, but there have been no updates. According to reports, the project will enter the Testnet phase soon after its release, via a public beta. In other words, there’s a lot of work going on behind the scenes, but nothing official has been announced. The Testnet will enable developers to create and test the tools needed for end-user interactions, such as token transfer bridges, wallets, block explorers, and other tools.
Shibarium will use five utility tokens to achieve its goals: SHIB, BONE, LEASH, TREAT, and SHI. Each provides unique opportunities for investors to increase their return on investment. Shibaswap, the ecosystem’s native DEX, can be used by investors to swap tokens, participate in governance, generate passive income, and purchase NFTs.
Bone Token
In the ShibaSwap ecosystem, BONE (Bone ShibaSwap) is a one-of-a-kind governance token. Core developers have stated that $BONE may become the Shibarium gas token.
For the time being, the more $BONE tokens you own, the more valuable your vote in the #shibarmy becomes, i.e., your vote carries more weight in upcoming ShibaSwap proposals and endeavors, as well as possibly the upcoming Shiba Inu Chain. The maximum supply of the $BONE token is 250,000,000 tokens, with a circulating supply of 7 million. While this may appear appealing, be aware that there is still A LOT of dilution that could occur.
Shiba Enternity
Shiba Eternity is a mobile card game with a Shiba Inu theme that you can play for free. It was developed in collaboration with PlaySide Studios. Its mechanics require two players to compete against each other. Each participant’s goal is to defeat their opponents by taking all of their points. You can defeat your opponent and earn rewards by using spells, cards, and other tools.
It’s also worth noting that the game is completely free to download and play. All new players are given starter decks. During the first phase, you will meet Ryoshi, a Shiboshi who will assist you in navigating the game. Newcomers can quickly learn the game’s mechanics thanks to tutorial-based guides.
Benefits of Shibarium
- Lower Transaction Fees.
- Faster Transactions.
- Improved Performance.
- DApp Accelerator.
- Metaverse and Gaming.
Shibaswap DEX
Shibaswap is a Shiba Inu ecosystem native DEX. It provides the ecosystem with a Uniswap-like experience by facilitating non-custodial crypto swaps and liquidity provision. Furthermore, it includes features such as staking, governance, and a Shiboshi social club – a community for Shiboshi NFT owners. To use Shibaswap, simply connect your web3 wallet and begin using your preferred feature. ShibaSwap DEX currently offers four ways to generate passive income:
Dig: Users who deposit SHIB tokens in the Dig poll will receive free BONE tokens. The amount you earn is determined by the number of tokens you deposit in the pool.
Woof: This yield farm pool allows you to exchange your BONE rewards for SSLP tokens. 33% of the rewards are immediately usable, while the remainder is locked for six months.
Bury: You can stake your SHIB, LEASH, or BONE tokens in the Bury tool to generate interest. The interest is paid in xSHIB, xLEASH, or bone, depending on the asset you stake. You can withdraw 33% of your earnings weekly and the remainder after six months.
Burn Portal: Shibaswap’s Burn Portal rewards users for burning SHIB tokens. The feature allows you to deposit SHIB tokens into a dead wallet and receive Ryoshi tokens in return.
Summary
Shibarium is a Layer-2 scaling solution designed to optimize the Ethereum blockchain. Shibarium aims to lay the foundations for building out the Shiba Inu ecosystem, complete with a metaverse, a DEX, and blockchain games.
Sources:
https://www.coingecko.com/learn/shibarium-shiba-inu-ecosystem
https://www.cryptoglobe.com/latest/2022/12/what-is-shibarium/
https://www.cryptoglobe.com/latest/2022/12/what-is-shibarium/
https://www.coingecko.com/learn/shibarium-shiba-inu-ecosystem
https://www.coingecko.com/learn/shibarium-shiba-inu-ecosystem
Shibarium Blockchain – Review & Release
