Shiba Inu developers announced early on Wednesday that the much-anticipated Shibarium blockchain is prepared to launch its beta version for the layer 2 network this week.
The launch may help the platform, which was originally created during the previous bull market as a memecoin with a Shiba Inu motif but has since endeavored to establish itself as a genuine project with its own blockchain network and dapp ecosystem, have good fundamentals.
In addition to being used as a cheap settlement for decentralized applications (dapps) built on the network, Shibarium will have a focus on metaverse and gaming applications, according to the platform’s developers, especially as the non-fungible token (NFT) sector is expected to heat up in the coming years.
A beta test nest is a blockchain that simulates real-world operations. On top of layer 1 protocols, layer 2 refers to a collection of off-chain technologies (distributed blockchains) that alleviate scale and data bottlenecks.
They combine several off-chain transactions into a single layer 1 transaction, reducing the amount of data and associated costs.
Shiba Inu ecosystem affected by the announcement
The tokens prices increased on Wednesday as a result of the beta version launch’s confirmation.
According to CoinGecko data, leash (LEASH) increased by 4.4% while bone (BONE) increased as high as 8.8% during the course of the previous day, with most of the gains occurring on Wednesday morning. In the platform ecosystem, both of these tokens will play a significant role. Yet, despite an initial price increase at the time of writing, the native shib (SHIB) tokens of the Shiba Inu declined by 3.3%.