Friday, May 27, 2022
HomeBlockchainShiba Inu (SHIB) Developers Working On a Layer 2 Scaling Solution Called...

Shiba Inu (SHIB) Developers Working On a Layer 2 Scaling Solution Called Shibarium. Here’s Why It’s Important

As a report has it, the developers of the popular meme token, Shiba Inu (SHIB), have started working on a layer 2 scaling solution named Shibarium.

This was revealed in discussions over various communications channels. The project is also considering an entrance into the Metaverse ecosystem.

Read Also: Shiba Inu Coin Burn And What To Expect From It

The solution, Shibarium, was suggested by the creator of Shiba Inu (SHIB) Ryoshi. Screenshots of discussions about the development, which played out on Discord, were also posted on Twitter by some members of the community.

Shiba Inu (SHIB) Developers Working On a Layer 2 Scaling Solution Called Shibarium. Here’s Why It’s Important
Courtesy of Twitter

Read Also: Kraken Hints At Listing Shiba Inu This Week as Gemini Launches Trading For SHIB Token

Although no timeline for the launch, the team says Shibarium can’t be silently released. They also mentioned some things that have to be done in order to aid the upgrade.

The news comes as another interesting development played out: 7% of the Shiba Inu holders were added in the last 20 days, according to blockchain data. That’s an interesting statistic, showcasing a lot of recent interest in the project, perhaps because of the rumors of new developments.

Shiba Inu’s developers also noted that they will use Shibarium in place of ETH 2.0 upgrades that will arrive next year. Using a layer 2 scaling solution would greatly drop the fees of the network, though what it stands to gain as a meme coin remains to be seen.

Read Also: New Data: World’s Biggest Ethereum Whales Keep Accumulating Shiba Inu (SHIB)

<

However, it’s believed that Metaverse could benefit greatly from a scaling solution. So, the development under process is expected to boost Shiba Inu’s Metaverse entrance ambition, pending the launch of Ethereum 2.0 as aforementioned.

It’s worth noting that the Metaverse requires a reliable scaling solution to reduce fees and ensure fast transactions in a use case that sees substantial activity.


Follow us on Twitter, Facebook, and Telegram

Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.
RELATED ARTICLES

Latest News & Articles

Recent Comments