April 12, 2024

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Shiba Inu is one of the most talked about and traded meme currency in the cryptocurrency sector. In terms of its popularity and traction, it is only second to Dogecoin. At present, Shiba Inu has been trending heavily on social media platforms. The latest traction among the meme currency has been inspired by the announcement of a new layer-2 solution by devs.

The much-talked-about layer-2 solution has been dubbed Shibarium, and it has managed to become a trending topic on social media platforms such as Twitter. This layer-2 solution will be onboarded on the Ethereum blockchain, where the Shiba Inu token is also based.

The compatibility of Shibarium with dApps and NFTs has elevated it to the status of one of the most useful smart contracts in DeFi.

Increasing Gas Inflation and Lower Transaction Counts

Whenever the Ethereum network is crowded, it can suffer from gas inflation. The floods of new investors that are interested in getting a piece of the Shibarium pie are creating the same effect.

Therefore, the Ethereum blockchain has become more crowded, and transaction costs are soaring. At the same time, the total number of transactions taking place on Ethereum has declined as a consequence.

According to the developers of Shibarium, the layer-2 solution is going to pave the way for lowering fees on the Ethereum blockchain. It is important to note that, in general, layer-2 solutions such as Lightning networks are used to perform off-chain transactions. In this manner, they provide an alternative path for the transaction cycle that is rerouted from the genesis blockchain.

Also Read:  Dogecoin Surges by 13% as Elon Musk Buys Twitter

The Shibarium layer-2 solution can make way for better gaming experiences on decentralized applications. Shibarium native token is dubbed BONE, and it has been designed to operate as a governance token. At the same time, the devs intend to reward the validators and delegators using BONE tokens that are working for the Shibarium protocol.

For the Shibarium layer, the delegators will work with the delegated proof of stake or DPoS, which means that they can delegate their voting rights to the validators.

Meanwhile, the validators are under obligation to stake a minimum required amount of currencies to facilitate and maintain the blockchain. Out of the total supply of 250 million BONE tokens, around 20 million have been reserved for incentivizing validators and delegators.

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