The developer of the dog-themed Shiba Inu (SHIB) token posted an update to inform the community about the upcoming beta release of Shibarium – a layer-2 network that will run on top of the Ethereum mainnet.
In the announcement, the SHIB developer shared information about the blockchain’s layer-2. He emphasized that Shibarium was developed to provide tools to allow the community to build and develop the project and fulfill the founder’s vision. While some believe the creation of Shibarium is a way to increase the price of memecoins, the developers note that this is not their intention. He wrote:
“Patience is key, and some see Shibarium as a price pumping tool, but that is not the focus of the project and has never been.”
However, the developers stated that the goal of the new update in the infrastructure is to “change the Shiba ecosystem” by removing barriers to entering small transactions, improving speed, allowing the development of decentralized applications and integrating nonfungible tokens.
The key update in the recent announcement is one of the most requested features for the project, which is the burning mechanism for SHIB. According to the developer, “all transactions in the network will have an implicit burning amount for SHIB tokens.” This mechanism will occur when a transaction is made on the network.
While the developer did not give an exact date for the release, the team said that the answer to all questions related to the time frame is “soon.”
related: Shiba Inu founder deletes social media posts, withdraws from community
Members of the Shiba Inu community expressed excitement over new developments. Some believe that there are many things to look forward to in the future of the ecosystem, while others are just happy to read new updates about the project.
I just want to say that I appreciate the update. That’s what I’m asking for. Now, this is transparent. Second, whoever asked in the comment section when shibarium came out, read the first 2 paragraphs. You guys nailed it.
— Burrito (@Burrito02353106) January 15, 2023
On November 22, 2022, SHIB developer Shytoshi Kusama reported on social media that the World Economic Forum (WEF) invited the project to collaborate on creating a global policy on the metaverse. The developers highlighted that if they get results, the project will work with other tech giants like Facebook and Decentraland to help the WEF develop the policy.