Shiba Inu team announces beta launch of Ethereum-based L2 network

The Shiba Inu meme-token developers announced a forthcoming beta version launch of Shibarium — a second‑layer network built on Ethereum.

“L2 protocols of Shibarium can serve various areas of the industry, such as metaverses, innovations Web3 and games. This is primarily related to the common features of existing blockchains, such as scalability and performance constraints,” the statement said.

Operating atop Ethereum, the L2 solution uses the Shiba Inu ecosystem tokens — SHIB, LEASH and BONE.

The latter has been chosen as the native asset of Shibarium for paying validators and delegators. For this purpose, 20 million BONE have been reserved from the total issuance of 250 million coins.

The L2 network will also employ the SHIB burn mechanism via Burn Portal.

It is expected that Shibarium will deliver higher throughput and lower gas costs compared with the base Ethereum network. The developers did not disclose any specific metrics, citing the need for further testing.

Following the announcement, the price of BONE rose by 12% over the last 24 hours (CoinGecko). The SHIB token gained only 3.7% over the period.

Earlier in March 2022, the Shiba Inu team revealed details of the launch of its own metaverse built on Shibarium.

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