The much-anticipated beta version of Shibarium blockchain's layer 2 network is set to be launched this week, according to Shiba Inu developers. The layer 2 network will utilize off-chain solutions to reduce bottlenecks in scaling and data by bundling multiple off-chain transactions into a single layer 1 transaction, resulting in reduced data load and fees. Shibarium aims to focus on metaverse and gaming applications, in addition to its use as a cheap settlement for dApps built on the network.
The expected launch of the beta version could contribute to strong fundamentals for shiba inu, which was formed in the previous bull market as a Shiba Inu-themed meme coin. The project has since tried to establish itself as a serious player with its own blockchain network and dApp ecosystem. Shibarium is expected to enhance the capabilities of the Shiba Inu ecosystem, and the confirmation of the beta version launch led to a rise in ecosystem tokens. Bone (BONE) surged by as much as 8.8%, while Leash (LEASH) rose 4.4% over the past 24 hours. Both these tokens will play significant roles in the Shibarium ecosystem.
However, the native shib (SHIB) tokens fell 3.3% despite an initial price bump. The development team's focus on metaverse and gaming applications through Shibarium and its use as a cheap settlement for dApps has led to renewed interest in shiba inu, as the NFT sector is expected to heat up in the coming years. Shibarium's successful launch could further establish the project's position in the crypto ecosystem and could have a positive impact on the performance of shiba inu.
What do you think—can we expect a shiba inu rally in the upcoming weeks?