Key Points:
- Shibarium’s mainnet launch is the backbone of the entire Shiba Inu (SHIB) state.
- Enhanced throughput and reduced transaction fees aim to refine dApps and transactions.
- Delegated Proof-of-Stake mechanism and Shibarium’s unique role in the ecosystem.
The rapid layer-2 network is poised to underpin various other integral elements within the emerging ‘Shiba Inu State.’
The Shiba Inu (SHIB) ecosystem has unveiled Shibarium, its Ethereum-based layer-2 network.
As outlined by the development team, Shibarium’s mainnet launch establishes the vital technical groundwork ‘for the entire SHIB state.’ This release follows an extensive beta testnet phase that reportedly engaged 21 million users.
Similar to numerous layer-2 networks in the market, Shibarium aims to address the inherent scalability challenges of the Ethereum network. By providing improved throughput and reduced transaction fees—reportedly even lower than those of Polygon (MATIC)—its goal is to enhance the efficiency and user experience of decentralized applications (dApps) and transactions.
“Cost and scalability of a new layer-2 network depend on several factors, including the number of validators and the transaction flow. Our initial tests have revealed significantly lower transaction costs compared to Polygon, along with instantaneous speeds,” stated Kaal Dhairya, a developer of SHIB, to Decrypt.
This move also advances the project’s journey beyond the meme coin realm. Initially introduced in 2020, Shiba Inu (SHIB) swiftly joined the likes of Dogecoin (DOGE) as another cryptocurrency entry inspired by canines.
However, along with Shibarium, the project developers pledge a fresh identity protocol to demonstrate that Shiba Inu extends beyond being a mere internet meme.
Shiba Inu’s lead developer, operating under the pseudonym Shytoshi Kusama, underscored that Shibarium stands apart from other scalability solutions due to its capacity to power ‘our entire governance and Shiba State framework.’
“With it, we can ensure cost-effective transactions, membership, ownership, and various on-chain functionalities for both our ShibArmy and beyond,” Shytoshi Kusama explained to Decrypt.
Shibarium’s Structure and Stake Delegates
Shibarium is constructed upon a consensus mechanism known as Delegated Proof-of-Stake (DPOS), employing a blend of validators and delegators to form the network’s foundational infrastructure.
In this design, validators manage node operations, facilitate transaction processing, and generate new blocks. This collaborative effort contributes to the overall security of the ecosystem. Meanwhile, delegators support validators by staking supportive tokens.
“Our DPOS system offers Shibizens a role in our new state. Validators and delegators represent the initial societal roles, and as we forge a better future, we’ll expand to encompass thousands more roles,” Kusama conveyed to Decrypt.
According to the developers, Shibarium is also positioned to play a pivotal role in bolstering various other facets of the existing Shiba Inu ecosystem.
This encompasses providing support for assets such as SHIB and LEASH tokens, SHIBOSHI NFTs, SHIB The Metaverse, the ShibaSwap decentralized exchange, and the Shiba Eternity game.
“In my perspective, Shibarium’s greatest utility lies in its purpose as a blockchain for all. We specialize in constructing frameworks that uphold the community, without confining to a specific use case. In this manner, we champion unity, diversity, and decentralization,” Kusama shared with Decrypt.”
