The team behind the Shiba Inu memecoin has decided to expand the availability of its underlying technology to encourage more Web3 projects to seek its support and circulate more of its tokens. In the coming days, the developers of the SHIB coin will release a Layer 2 Shibarium network on the Ethereum mainnet, supporting the SHIB ecosystem as the mother blockchain. The development has caused excitement among members of the SHIB community.
Layer 2 blockchain Networks act as secondary platforms built on top of the main blockchain. These networks aim to increase the scalability of the main blockchain by supporting a variety of custom ones dApps and protocols while maintaining the same security standards offered by the parent chain.
With the launch of the Shibarium Layer 2 network, the Shiba Inu The team expects to increase its transaction speed, support upcoming blockchain projects, and enable the unification of NFTs with its ecosystem.
“We are nearing the final touches on the Shibarium beta and its upcoming launch. Shibarium’s Layer 2 blockchain protocols can serve various industry sectors such as Metaverse, Web3 innovation and gaming.” said the official blog post of the Shiba Inu makers.
The announcement has drawn a range of reactions from members of the Shiba Inu community.
In light of this development, the SHIB token is up 4.80 percent to the value of $0.000010 (roughly Rs. 0.000854), according to Gadgets360 Crypto price tracker.
“Patience is key and some see Shibarium as a price pumping tool, but that is not and never has been the focus of the project. Shibarium is built to fulfill Riyoshis Vision and are providing the community with a tool to build and grow the project on their own terms,” the blog added. Riyoshi is the anonymous founder of Shiba Inu.
The memecoin originally created as a joke competitor Dogecoinsemerged as the 11th largest cryptocurrency coin by market value on October 25, WatcherGuru reported.
In October of last year, the Shiba Inu developers decided to venture into the Metaverse sphere. the Shiba Inu Metaversecurrently codenamed Shiberse, will be a real estate metaverse project where people can buy digital parcels of Shiba Lands and create games as well as their virtual identities.
