Shiba Inu’s latest project, Shibarium, is gearing up for its official launch with the beta testing phase in full swing.
The platform has been gaining attention from crypto enthusiasts, particularly after LucieSHIB, a Shiba Inu community member, shared important information about the Shibarium bridge in a recent post.
According to LucieSHIB’s post, the Shibarium bridge is currently partly functional and is expected to boost Layer 2 utility.
The bridge will allow for bi-directional transactions between Shibarium and Ethereum, enabling users to transfer tokens between the two networks without any third-party risks or impact on market liquidity.
The Shibarium documentation offers an overview of the blockchain platform, which consists of the Shibarium PoS chain and the Ethereum + Shibarium bridge.
The PoS chain uses side chains to process transactions, resulting in faster transaction speeds and cost-effectiveness. Through Plasma Bridge technology and a decentralized network of PoS validators, PoS ensures asset security.
Additionally, the Shibarium bridge utilizes Plasma and PoS security while prioritizing speed and decentralization, allowing arbitrary state transitions on its sidechains along with EVM support.
With over 450,000 ERC-20 tokens on Ethereum, the bridge supporting ERC-20 tokens could bring increased utility to Shibarium once it’s fully launched.
The Shibarium platform is expected to help boost Layer 2 utility and provide a scaling solution, making it an attractive option for those looking to invest in the Shiba Inu ecosystem.
