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Shiba layer 2 blockchain Shibarium has been in development since its announcement in September 2021. The goal is to give Shiba network its own layer 2 blockchain from the Ethereum blockchain currently in use as the primary layer 1.
In their recent update on the project progress, the unification foundation stated that “The Shibarium Public Beta Testnet is planned for deployment in Q3 2022, to coincide with the FUND Testnet upgrade”
This could be an indication that Shibarium is nearing its final days before market release.
What is Shiba layer 2 Blockchain Shibarium?
Since its creation 2 years ago, Shiba has been operating on the Ethereum blockchain. Although it has been okay to date, there are some challenges and limitations that come with it. An example is the challenges of high gas fees on the Ethereum network.
To solve this, Shiba decided to initiate a project to create its blockchain. Since the coin already sits on a layer 1 blockchain, the one in development will sit on top of the current one and hence the term layer 2.
Having a shibarium will give the network both flexibility and scalability. One of the benefits will be allowing Shiba the ability to determine the fees on its network.
Some other advantage that comes with this is allowing third parties to develop on top of it. Thirdly, it will also allow Shiba coin burning. An issue that remains controversial to date due to the huge number of coins in circulation.
During a previous update release, Shiba founder Ryoshi hinted the transaction fees could be as low as zero. In the long term, these development and capabilities focus on giving Shiba coins investors more value.
Status of Shibarium
Although the product is not ready, it could hit the market in the next few months. According to Shytoshi Kusama, the developers are creating a shibarium wallet that will allow transactions between both the layer 1 and layer 2 blockchain.
The public testnet will also allow testing of the platform. In the update, the team announced the launch of a new reward coin TREAT that will run on Shibarium. This could replace BONE as the primary Shiba network reward coin.