Today, the SHIB token is in focus again after the Shiba Inu team released some announcements about the beta launch of the much-expected layer-2 network Shibarium.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Shibarium launch is just around the corner
In the announcement, the team did not state the exact date for the Shibariium Beta launch and was very clear that they do not intend to drop any hints. They however said that the release was just around the corner.
In the announcement, the team stated:
“We ask the community to please understand, that this phased release is not a matter of wen but a matter of developing Shibarium correctly, and introducing it responsibly. Avoid asking wen, because the answer will always be a ‘soon’. Yet with that being said we are approaching the finishing touches for Shibarium’s Beta and its imminent launch.”
The team however touched on some of the important features that users should expect including lower gas fees, which they said was a priority. As a scaling solution built on the Ethereum blockchain, the Shibarium network aims at sparing SHIB, LEASH, and BONE (the token chosen to power the Shibarium network) token users from high gas fees that occur especially when the network gets congested.
The team also hinted that they would take most of the private transactions off-chain. This could be an advantage and also a disadvantage especially since it could attract cyber criminals.
“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.”
The other major feature of Shibarium is its native token which will be the BONE token which has a total supply of 250 million tokens with 20 million tokens set aside for rewarding delegators and validators. The development team said that they will roll out a faucet for testing BONE tokens soon.
Shiba Inu price hit a two-month high on the news
Following the news on Shibarium, the meme token which had been largely bullish since the start of the year dropped a zero to trade above $0.00001 for the first time in two months.
This comes even as the wider crypto market experiences some significant recovery with Bitcoin (BTC/USD) surging above $20,000 for the first time in a long time.