The much-awaited beta version of Shibarium was finally released this March, offering the potential for the Shiba Inu ecosystem to gain an edge over other projects operating on the Ethereum blockchain.
Shibarium aims to solve the problem of slow transaction speeds and high costs in the Ethereum network. Some analysts predicted a rise in Shiba ecosystem tokens. After the Shiba Inu team announced their plans on Twitter, the price of the BONE token surged by 38%. BONE will now serve as the governance token for the Shibaswap ecosystem, giving users with the most coins the most influence over future projects.
Shibarium is not a traditional blockchain project, but rather a layer built on top of Ethereum to handle a larger portion of SHIB transactions, thereby reducing gas prices and speeding the transactions. If successful, the project will maintain the security of Ethereum and gain new advantages over competitors.
The new system is also geared towards NFTs and blockchain games. Last October, developers released the game Shiba Eternity, which was initially available on Android and since January of this year on iOS. It will serve as a platform for testing Shibarium.
The number of Shibarium validators is limited to only 100 slots. They are required to stake 10,000 BONE to receive rewards in that currency. The total supply of BONE is limited to 230 million coins.
The Shibarium network also came with an enhanced mechanism to “burn” Shiba Inu coins to permanently decrease the token supply. This makes the coins more valuable for holders and solves the problem of excessive SHIB token issuance, which currently stands at one quadrillion.
Other tokens within the system
SHIB is an original meme coin of the Shiba Inu ecosystem, ranked 15th by market capitalization with a price of around $0.00001.
LEASH is currently the most expensive coin in the ecosystem, with a limited supply and a price of just over $540. This coin is also known as “Doge Killer.” LEASH holders can stake their coins in liquidity pools to receive rewards.
TREAT is a token in the Shiba Inu ecosystem that was launched in the summer of 2022. There's not much information about it yet, but it's expected to become a payment tool in the Shiba metaverse and blockchain-based game.
Why the project matters
This project's launch proves that Shiba Inu's developers are committed enough to transform their project into something more than just a meme coin and a Dogecoin competitor. This is also backed by a huge fan base that continues to hold onto the coin despite an 88% drop from its peak in October 2021.
