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What is Shibarium?

Shibarium is an upcoming layer-2 (L2) blockchain network built on Ethereum for Shiba Inu. It will transform Shiba Inu, a memecoin, into a complete ecosystem.Ryoshi, the anonymous creator of Shiba Inu, proposed the Shibarium project in a now-deleted blog post in May 2021. The project intends to build a blockchain layer-2 solution on the Ethereum blockchain. The expansion will transform Shiba Inu from a memecoin into a comprehensive ecosystem that includes a decentralized exchange (DEX), a metaverse and blockchain games, such as Shiba Eternity.

Memecoins are cryptocurrency tokens depicted with comical or animated internet memes. Generally highly volatile, these coins are largely driven by pop culture and have an ample supply leading to high inflation. Shiba Inu (SHIB) itself has a total supply of 1 quadrillion, which equals 1,000 trillion.

The Shibarium portal is aimed at reorganizing Shiba Inu as a multi-project and a stable ecosystem.Shibarium developers haven’t yet released a launch date for the project. An alpha preview of SHIB metaverse, a part of the project, however, was on display at SXSW 2023 from March 13 to 15. The release was originally planned for February 2023 but was delayed because the developers were keen on launching an error-free version after thorough testing through various phases.

Which coins will make up the Shibarium ecosystem?

Shibarium will have a drastically different look compared to Shiba Inu. The new ecosystem, however, will have several digital tokens, all named in line with the dog theme:SHIB: An ERC-20 token that fuels Shiba Inu, SHIB has been around since August 2020. Its price has always fluctuated and never crossed the $1 mark per token.BONE: A governance token on ShibaSwap, BONE is now also a utility token in Shibarium. Developers are paid in BONE. The token’s supply is capped at 230 million coins.LEASH: With its supply limited to 107,646 tokens, LEASH is staked by holders to earn rewards. Rewards include xLEASH tokens that users can mint after unstaking.TREAT: Designed as a reward token, TREAT will be paid to validators and developers along with BONE after reaching a certain threshold. It will also incentivize liquidity pools on ShibaSwap. SHI: The Shibarium ecosystem will have the SHI stablecoin as well. The purpose of SHI is to counter and balance payments while staving off market fluctuations.

SHIB burn mechanism

Shibarium is also expected to have some SHIB burn mechanisms. This is crucial, especially if the SHIB value is to increase. With a current supply of over 500 trillion tokens. The large supply has been one of the factors that have prevented its value from increasing. Although there have been SHIB burns, they're mostly voluntary, so the burn rate is very slow. Only 40% of the token supply has been burnt so far. With Shibarium, there will be more activities involving SHIB, which means more gas fees and more tokens to burn.

Faster transactions

All scaling solutions on Ethereum promise faster transaction speeds, and Shibarium is no different. During peak activity periods, transactions on Ethereum could take a while due to network congestion. Ethereum processes about 30 transactions per second. Most Layer-2 networks can process over a thousand within the same period. This means lesser network congestion.

Better performance

One of the goals of Shibarium is to improve performance for all decentralized applications (dApps) built on it. Faster transactions and lower fees will ensure high throughput. This will be good for Shiba games and other decentralized applications. For example, the developers launched the Shiba Eternity game in October. Although the game is currently a mobile game, there are plans to have it available on-chain and playable on Shibarium.

DApp development for the Shiba Inu ecosystem

The community also hopes to encourage the development of decentralized applications on Shibarium, which will further boost the utility of SHIB and other tokens. Once there is a Layer-2 solution, those who want to develop within the Shiba Inu ecosystem can do so.