Shiba Inu-Based Shibarium Blockchain Expected to Go Live in August

The layer 2 network will utilize bone, treat, shib and leash tokens for applications built on the blockchain.

AccessTimeIconJul 7, 2023 at 8:11 a.m. UTC
Updated Jul 7, 2023 at 7:35 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The much-awaited layer 2 blockchain Shibarium is expected to go live after a Toronto conference in August, developer Shytoshi Kusama said in a Thursday blog.

Layer 2 refers to a set of off-chain systems (separate blockchains) built on top of layer 1 protocols that reduce bottlenecks with scaling and data. These bundle multiple off-chain transactions into a single layer 1 transaction, which helps reduce the data load and fees.

“The completed Worldpaper will be exhibited, all Shib branded projects will be published and Treat will be published in detail for the first time,” Kusama said. “In addition, it is very likely that we will also discuss and release the long-awaited L2 Shibarium.”

Developers added DoggyDAO, decentralized autonomous organization (DAO) run and governed by token holders, will be introduced at the time and used to fund projects building on Shibarium.

Shibarium’s testnet, or a testing blockchain, has seen meaningful activity in the past months with 20 million transactions from an estimated 16 million wallets as of June. Such brisk activity on the Shibarium testnet indicates demand for the network.

Developers have previously said Shibarium would have a focus on metaverse and gaming applications especially as the non-fungible token (NFT) sector is expected to heat up in the coming years.

The launch could contribute to strong fundamentals for shiba inu (SHIB), formed in the previous bull market as a Shiba Inu-themed meme coin that has since tried to position itself as a serious project with its own blockchain network and dapp ecosystem.

Meanwhile, Shiba Inu ecosystem tokens showed mixed movement in the past 24 hours.

CoinGecko data shows bone (BONE) jumped as much as 4.5%, while leash (LEASH) rose 2%. SHIB tokens slid 5% in line with a broader drop in major tokens.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



Read more about