Shibarium, the highly anticipated layer 2 blockchain, is poised to make its debut following the upcoming Toronto conference in August.
Developer Shytoshi Kusama announced this exciting news in a blog post, outlining the key features that will be showcased during the event.
Layer 2 technology plays a vital role in addressing scalability concerns by utilizing off-chain systems built on top of layer 1 protocols. These systems consolidate multiple off-chain transactions into a single layer 1 transaction, reducing data load and fees.
During the conference, Kusama plans to present the completed Worldpaper, along with detailed insights into all Shib-branded projects and Treat. Most notably, the long-awaited L2 Shibarium will be a highlight of the discussion and is expected to be released.
In addition to Shibarium, the developer team will introduce DoggyDAO, a decentralized autonomous organization (DAO) governed by token holders. This DAO will serve as a funding source for projects within the Shibarium network.
The testnet of Shibarium has experienced significant activity, with approximately 20 million transactions from 16 million wallets recorded as of June. This robust activity on the testnet underscores the growing demand and interest in the network.
Developers have emphasized the focus of Shibarium on metaverse and gaming applications, particularly as the non-fungible token (NFT) sector continues to expand rapidly.
The launch of Shibarium holds great potential for shiba inu (SHIB), a meme coin that has transitioned into a serious project with its own blockchain network and decentralized app (dapp) ecosystem.
In the past 24 hours, movements in Shiba Inu ecosystem tokens have been mixed. Bone (BONE) experienced a surge of up to 4.5%, while leash (LEASH) saw a rise of 2%. However, SHIB tokens witnessed a 5% decline, in line with the broader market trend of major tokens.
