- Shiba Inu is set to launch Shibarium, its own Layer 2 blockchain, enhancing the scalability of its network.
- In preparation for Shibarium’s launch, the remaining supply of BONE will be minted, and the BONE contract renounced.
- Shiba Inu team initiated the Shib Hackathon and is expected to showcase SHIB-branded projects at the Blockchain Futurist Conference.
In the latest update from Shiba Inu, Shytoshi Kusama, the lead developer of the popular meme coin, has revealed that the project is gearing up to launch its own Layer 2 blockchain, Shibarium. This significant development is part of the Shiba Inu project’s ambitious roadmap to evolve into a comprehensive ecosystem.
The Shibarium blockchain is designed to enhance the scalability of the Shiba Inu network. The Shibarium Bridge beta version, which facilitates the transfer of tokens between the two networks, has already been released for public testing. The bridge is compatible with the ERC-20 token standard, a common set of rules for Ethereum-based tokens.
In preparation for the launch of Shibarium, the Shiba Inu team has planned to mint the remaining supply of BONE, a governance token in the Shiba Inu ecosystem, and renounce the BONE contract, thereby preventing any further minting. This step is crucial as a significant portion of BONE is allocated to the first role in the upcoming system, the validators. BONE will also serve multiple roles within the new system, including acting as a passport for delegators to earn rewards, functioning as the gas token for Shibarium, and playing a part in technology governance.
Previously, the team had announced the commencement of the early beta test of Shibarium, marking a significant milestone in the project’s development. This test phase, known as “Puppynet,” allowed the team to gather valuable insights and feedback, paving the way for the upcoming official launch.
In related news, the Shiba Inu team has also initiated the Shib Hackathon. This event, which offers a grand prize of $5,000 in BONE equivalent, invites tech enthusiasts, dApp developers, designers, and visionaries to create innovative projects in areas such as healthcare, DeFi, cryptography, and zero trust finance with speed, among others.
The Shiba Inu team is also expected to showcase SHIB-branded projects and products at the Blockchain Futurist Conference in Toronto, Canada, in mid-August. These include the SHIB Metaverse, the smartphone game Shiba Eternity, and Shibcals, also known as the “Shiba Inu real-life-component” (RLC).
At the time of writing, the Shiba Inu price stands at $0.00000833 with a 24-hour trading volume of $186,681,383. The current market cap is $4,907,847,257 USD, with a circulating supply of 589,337,024,054,134 SHIB coins.
