Shiba Inu Lead Developer Says Much-Awaited Shibarium To Launch In August, BONE Spikes 5%

Shiba Inu SHIB/USD ecosystem lead developer Shytoshi Kusama on Thursday announced plans for the launch of the much-anticipated Shibarium, a layer 2 blockchain solution.

What Happened: In a Thursday blog post Kusama wrote that Shibarium is expected to go live after an upcoming Toronto conference in August. 

Shibarium is expected to address scalability issues and reduce transaction fees through off-chain systems. 

Layer 2 technology refers to the implementation of independent blockchains on layer-1 protocols. These off-chain systems play a crucial role in addressing scalability issues and managing data congestion by consolidating multiple off-chain transactions into a single layer 1 transaction. As a result, this approach significantly reduces data loads and associated fees, providing a more efficient and cost-effective solution.

Kusama wrote that during the conference, attendees would have the opportunity to explore the completed World paper.

The forthcoming “World paper” will serve as a comprehensive guide, encapsulating the entire SHIB ecosystem, including its diverse array of tokens, products, platforms, and services. Notably, the guide will cover well-known tokens such as SHIB, BONE BONE/USD, LEASH, and TREAT.

DoggyDAO will be launched in conjunction with Shibarium and will act as a funding mechanism to support various projects developed on the blockchain network. 

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Why It Matters: Last week, Shibarium testnet crossed the 25 million total transactions mark as enthusiasm grows ahead of mainnet.

As per PuppyScan, the dedicated blockchain explorer for Shiba Inu, the total number of transactions on the Shibarium beta testnet surpassed 25 million.

Price Action: At the time of writing, SHIB was trading at $0.000007216, down 5.08%. BONE was up 4.98%  in the last 24 hours, trading at $1.10, as per data from Benzinga Pro.

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