Shiba Inu Shiba Inu team announced on Sunday that the ecosystem’s rapid layer-2 upgrade to Shibarium is right close to completion.
Shiba Inu’s team, which is of Shiba Inu (SHIB) The dog-themed meme-based cryptocurrency is made public the coming beta version of Shibarium which is a layer-2 network which will run on the back Ethereum. Ethereum.
The team claims that Shibarium could reduce costs and boost speed of transactions, though the precise amount of transactions per second hasn’t yet been released.
The announcement didn’t specify the date for the launch of the testnet but it said it is “approaching the finishing touches.”
As a delegated proof of stake (DPoS) layer 2 blockchain the Shibarium blockchain will be managed and protected by validators and delegators who will put their tokens on the table to earn rewards. The rewards will be in the form of BONE, currently an oversight token for the ShibaSwap’s decentralized exchange, which will eventually become the gas token. It will also be a soon-to launch TREAT token.
It’s unclear exactly how it is unclear how the TREAT token is going to be utilized and it is unclear if the Shiba Inu team did not immediately respond to Decrypt’s request to comment.
The announcement also announced an entirely new SHIB burning system to can replace the old Burn Portal, which encouraged users in the process of burning their SHIB however, it did not need the process. Once Shibarium is established, all transactions that are conducted on this network require a certain number in SHIB that is to be burnt, which will put pressure on deflationary levels of the SHIB supply, a feature that is frequently requested by users of the Shiba community.
“By implementing this feature, burning SHIB tokens per transaction will be reflected in the total token supply as we hope it will have a significant impact on the circulating amount of the $SHIB supply over time,” according to the announcement.