Shiba Inu, the popular meme-based cryptocurrency, has recently announced the launch of its beta testnet for Shibarium, the project’s blockchain network designed for metaverse and gaming applications. The beta testnet aims to provide a cheap settlement layer for decentralized applications (dApps) built on the network.
Shibarium is built as a layer 2 solution on top of Ethereum, which is expected to reduce the bottleneck issues of Ethereum’s layer 1 network. The system is intended to consolidate numerous off-chain transactions into one layer 1 transaction, resulting in decreased data load and lower fees. The beta testnet is a blockchain replicating real-world functioning, providing a safe environment for developers to test and deploy their dApps on the network.
Shiba Inu developers believe that the project can potentially disrupt the NFT sector, which is anticipated to grow exponentially in the upcoming years. The project aims to provide a platform for gamers and artists to create and trade digital assets in a decentralized manner. By launching Shibarium, The goal of Shiba Inu is to establish itself as a legitimate project with a self-sustaining blockchain network and dApp ecosystem.
Shibarium’s beta testnet launch has already increased the value of Shiba Inu’s ecosystem tokens. Bone (BONE) jumped 8.8%, while Leash (LEASH) rose 4.4% in the past 24 hours. Both these tokens will be extensively featured in the Shibarium ecosystem. However, Shiba Inu’s native SHIB tokens fell 3.3% at the time of writing, paring gains from an initial price bump.
Investors are keeping a close eye on Shiba Inu’s progress as the cryptocurrency has gained traction in the market despite being a relatively new player. Shibarium’s beta testnet launch is a significant step forward for the project, and investors eagerly anticipate its performance in the coming weeks and months.
Shiba Inu’s success could have a far-reaching impact on the crypto industry, paving the way for new players in the metaverse and gaming space. With the launch of Shibarium, Shiba Inu is demonstrating its commitment to innovation and disruption, and investors are excited to see where the project goes from here.
