What is Shibarium? A Comprehensive Guide

What is Shibarium?

Shibarium is a brilliant invention that a developer made to facilitate the creation of an ideal cryptocurrency platform for traders. Cryptocurrency experts say that building this technology on SHIBA INU was a well-thought-out strategy because it ironed out various issues that Ethereum has had to endure for many years.

Comprehensive Definition of Shibarium Coin 2024

Shibarium is an efficient and decentralized blockchain platform that Shytoshi Kusama developed to provide a budget-friendly and scalable transaction site for traders. Developers noticed teething problems that affected Ethereum, such as long transaction times and exorbitant gas fees (transaction charges).

Explained The Difference Between Shibarium and SHIBA INU

As hinted, SHIBA INU refers to a new cryptocurrency (SHIBA coin) or a platform where investors can trade cryptos. On the other hand, Shibarium is an L2 (layer-2) option that belongs to SHIBA INU.

Shytoshi and this team subjected this technology to thorough beta testing before launching it in 2023.

Top Tokens that Shibarium Supports Today

Here are the most notable tokens that investors need to know:

1 – TREAT

TREAT is a versatile token that can fulfill countless functions and guarantees liquidity to SHI. Technically, this new token’s adaptability positions it for various aspects of the SHIBA INU.

2 – BONE

BONE is a popular utility token that exists to clear gas fees to facilitate operations on Shibarium.

3 – SHI token

Today, SHI is a stablecoin that fosters essential transactions on the SHIBA INU platform. The beauty of this token is that it suits financial activities because it has a steady value, guaranteeing risk-free transfer transactions.

4 – SHIB

SHIB is a home-grown cryptocurrency (token) operating on the SHIBA INU environment. Today, investors use it to make payments, but the supply of these tokens will drop because this cryptocurrency will burn each month.

5 – LEASH

It is a new token with a limited supply that acts as a utility token in the crypto market. Initially, experts introduced this token to the SHIBA INU environment to steady its value through a computative method.

What Triggered an Unexpected Shutdown of Shibarium in 2023?

Technically, the Mainnet launch triggered an unanticipated traffic of Shibarium, causing the seasonal shutdown. As a result, Kusama (the developer) advised his team of developers to implement additional network validators to enhance this network’s scalability.

The specialists turned Shibarium into private mode and optimized it before re-launching it 9 (nine) days later.

Why Did the Developers Scale Shibarium’s Server?

A team of IT professionals spared no effort to boost this server infrastructure to reduce congestion. Further, this maintenance improved this network’s performance and added more monitoring technologies.

When Did BONE’s Value First Increase?

Technically, developers re-launched Shibarium, resulting in the increase of the wallets to at least 45,000. Consequently, the cost of each BONE coin rose fast because SHIBA INU adopted this token for paying transaction fees.

What’s the Impact of Shibarium on SHIBA INU in 2024?

The beauty of this L2 network is that it has countless long-term benefits for SHIBA INU today These include:

Lower Transaction Charges

Multiple traders dislike Ethereum because it proffers prohibitive charges, lowering the profits. Fortunately, introducing a layer-2 solution will reduce the overall transaction costs for many traders this year.

Quick Transaction Processing

As mentioned, Shibarium implements a layer 2 (L2) into Shiba Inu, accelerating transaction processing.

Boosting Token Utility

Research shows that multipleSHIBs will burn often, affecting the supply of usable SHIB tokens. Thankfully, Shibarium remedies this problem by introducing BONE as a common currency.

All validators will get their payment in BONE for each transaction they secure or validate, courtesy of this network.

Development Of Dapps (Decentralised Application)

Unfortunately, the bona fide meme did not have the required resources for years to form a good coin for a dAPP.The sensational news is that Shibarium will create a formidable ecosystem to capitalize on Ethereum (ETH) and L2 networks to foster DApp development.

How Will Shibarium Affect the Value of SHIB Token?

Shibariumwill facilitate the development of multiple decentralized applications (dApps) for the crypto market. As a result, it will increase the overall value of each SHIB token and other cryptocurrencies available.

How Will Ethereum Benefit from the Implementation of Shibarium?

A team of developers chose to implement Shibarium (L2) on Ethereum to boost ETH’s performance. Similarly, Shibarium will reduce the amount of pressure on Ethereum’s ecosystem, accelerating transaction processing.

Interestingly, this layer-2 network will make all the transactions in the SHIBA INU environment accessible and user-oriented.

What’s the Procedure for Buying Shibarium Tokens on a Digital Wallet Today?

Today, you can purchase this stable token on select crypto websites like Binance, where this new currency appears. Step one is to sign in to your wallet and purchase ETH before picking a suitable DEX to link with the Trust wallet.

The second step is selecting Shibarium Token as the cryptocurrency you wish to acquire. Finally, locate the ‘Swap’ button to complete the conversion process.

FAQs

  1. Is Shiraboum a Cryptocurrency?

No, it isn’t! Shibarium is a new blockchain system experts introduced to raise scalability. Technically, the experts developed this new technology on Ethereum before launching and re-launching it in 2023.

  1. Who Launched Shibarium?

Shytoshi Kusama set this technology in motion last year on 16th August 2024.

  1. Do Experts Have an Estimation of the Number of SHIB Tokens that Will Burn?

Yes, they do! Cryptocurrency wizards predict that about 5T (trillion) SHIB coins will burn monthly. As a result, potential investors should know that the supply of SHIB tokens will drop by approximately 60T (trillion).

  1. How Much Transactions Did Traders Perform After the Implementation of Shibarium?

At least 200 digital wallets embraced this ecosystem once developers launched this L2 to this cryptocurrency ecosystem. Shockingly, customers did more than 400,000 transactions on this ecosystem within 25 hours after the launch.

Summary

Shibarium suits the Shiba INU’s ecosystem because it solves all the problems users have encountered for several years. For instance, it rectifies scalability issues and unbearable transaction processing speed. Further, this L2 network can adapt to the expectations of the cryptocurrency community in 2024.