The highly anticipated layer 2 blockchain Shibarium has been scheduled to go live following a conference in Toronto in August, according to Shibarium developer Shytoshi Kusama in a recent post. If you’re unclear on what a layer 2 blockchain is, it’s essentially a secondary framework built on top of the original or ‘layer 1’ protocol. Its function is to alleviate congestion and minimize data scaling issues by consolidating numerous off-chain transactions into a single layer 1 transaction, consequently trimming the data load and associated fees.
Alongside the launch, Kusama discussed the unveiling of Worldpaper and first-time detailed exposure of Treat, all of which are Shibarium-named ventures. This announcement is also expected to coincide with the revelation of Shibarium’s second layer. In addition, DoggyDAO, a decentralized autonomous organization controlled by token holders, will make its debut as a mechanism to financially back projects on Shibarium.
The amount of activity witnessed on Shibarium’s testnet over the past few months provides an encouraging indicator for the layer 2 blockchain’s demand. The testnet has reportedly handled approximately 20 million transactions from an estimated 16 million wallets.
A major focus for Shibarium is anticipated to be the gaming and metaverse applications, particularly as the non-fungible token (NFT) industry faces a surge of interest in the near future. This fresh blockchain project could strengthen the fundamentals for the Shiba Inu – a canine-themed meme coin originated in the previous bull market. It has since been striving to redefine itself as a valued project armed with its unique blockchain network and dapp ecosystem.
While the unveiling of Shibarium creates excitement, the cryptocurrency market performance remains lopsided. Data from CoinGecko indicates a 4.5% uptick for bone (BONE) and 2% increase for leash (LEASH). However, SHIB tokens have seen a 5% decrease, aligning with the broader dip in major tokens.
From the outside, Shibarium’s launch seems promising and well-timed to capitalize on the expected NFT sector growth. However, like any technology-driven venture, sustainability and real-world application remain the long-term challenges to validate its potential and anticipated success.
Source: Coindesk
