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Shiba Inu News: SHIBARIUM Is About To Launch. Here Are The MANY Details

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(Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. Every investment and all trading involves risk, so you should always do your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.)

The long-awaited announcement from the Shiba Inu Ecosystem has finally arrived and the Shib Army is ecstatic. SHIBARIUM is NEAR to launch.

So the announcement was first tweeted out by the official Shiba Inu Account today which they said “Introduction to Shibarium: Shiba Inu’s Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article, we want to introduce some basic concepts in order to provide clarity to the community.”

There are many details that have come out in the official blog which we will try to summarize for you.

They first started out by saying that it is and always was a matter of developing SHIBARIUM correctly rather than rushing and getting it wrong. “Development requires time and resources, not only to build but also to ensure everything is secure.”  They said that the question of WEN was not their first thought but also added that they are approaching the finishing touches on the Shibarium Public TestNet’s imminent launch.

According to the official blog, they said the following”Patience is key, and some see Shibarium as a price pumping tool, but that is not the project’s focus and never has been. Shibarium is being built to fulfill Ryoshi’s vision and provide the community with a tool to build and grow the project on their own terms. ”

What is Shibarium?

As many suspected since the first announcement of Shibarium, the goal was not just to revolutionize the Shiba Inu Ecosystem but to change the world of crypto as we know it. By using off-chain transactions on the L2 most of the work will be done on SHIBARIUM and in turn alleviate bandwidth, reduce gas fees, and process transactions faster.  dApps like gaming, social media, and NFT platforms such as Pawzaar will be able to utilize Shibarium and build. This goes hand in hand with the fact that NFTs will be able to be chain specific for “Event tickets, items/assets used in games, art and music, and digital real estate”.

So exactly how will Bone be used for Shibarium?

Everyone has probably heard already that the $BONE Token will be used as the gas for Shibarium but other details have come out to the public. Now we know for sure that Bone Holders will be able to be the validators and earn rewards.

“In exchange for their role and serviceValidators receive rewards proportional to their stakeThe rewards are divided among all participants based on the amount of tokens they have staked. The user’s reward balance is recorded in a contract, which is used to determine the rewards that can be claimed.”

“The process to become a Shibarium Delegator is relatively simple, the sole requirement is staking your tokens on a validator of your choice. There is no limit to the number of delegators.”

SHIBARIUM TESTNET

The Shibarium Testnet will be using a faucet in which users will be getting a small amount of Bone Testnet Tokens. These will be available through the private testnet portal which is not yet available but will be announced in a coming notice to the public. The testnet tokens are not real assets and are only to be used in a test environment. They recommend using separate clean wallets for these assets.

Shiba Inu Transactional Burns

Many people have been asking if Shibarium will burn the Shiba Inu Tokens and if so how will that be accomplished. They have stated that “all transactions on the network will have an implicit burn amount for $SHIB token”.

Knowing now that this will occur on EVERY TRANSACTION is more than a promise kept, but exceeds all expectations of what was going to be done. The hope is that by doing transactional burns in this manner, the supply of Shiba Inu will be significantly lowered over a period of time. When looking at how popular Shiba Inu is and how many are ready to launch on Shibarium this means that the odds of the supply going down are extremely high.

The Shibarium MainNet

They have said that the launch of the MainNet will integrate ShibaSwap so that users will have easier access to tools and functions. Documentation is going to be made available on the Shiba Inu Wiki which can be found at https://shibatoken.com/docs/shibarium/.  Once the documentation is fully completed it will be available at Shibarium Knowledge Base which can be accessed on the main Shibatoken.com website.

The excitement in the community can be seen all over Twitter right now. Both the BONE token and the SHIBA INU Token are on the rise since the announcement.

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