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- With the Shibarium network open for public use, core developer Shytoshi Kusama cautioned Shibarmy to do in-depth research on any token on the L2 network before investing.
- Over 66.99K wallets had been created on the Shibarium network as of Monday and facilitated more than 371k transactions.
The Shiba Inu (SHIB) ecosystem finally obtained a major distinction with other meme coins following the successful launch of its layer two scaling solution dubbed the Shibarium network. According to the latest announcement from the lead developer, Shytoshi Kusama, the Shibarium network is live for public use, thanks to the help from the Polygon (MATIC) team.
“Now that we’ve proven that all funds are safu, and that Shibarium is ready for prime time, we will reopen our channels. Those who build in the bear market will win in the bull market,” Kusama noted in a blog post.
Notably, Kusama invited the Shibarmy to test the Shibarium network and proceed with caution. Moreover, a variety of crypto tokens are expected to be launched through the Shibarium network and it is up to the investors to perform due diligence.
Closer Look at Shibarium and Its Market Outlook
The Shibarium network launched during a crucial time when the Shiba Inu price needed support amid a heightened crypto bearish outlook. According to on-chain aggregate data provided by Shibariumscan, the Shiba Inu scaling solution had registered over 371k transactions and more than 66k addresses, as of publication time.
With 12 network validators, approximately 19,582,435 BONE had already been staked as of block height 333,896. The Shibarium staking program is meant to secure the network and at the same time reward the participants through different commission rates. Meanwhile, Shibarium users are advised to check on the withdrawal time checks to avoid inconveniences.
“It is by design that the Shib, Leash, WEth withdrawals through the bridge take at least 2 Checkpoints (45 Minutes to 3 hours), and BONE withdrawal will take up to 7 days,” Kusama noted.
The key features of the Shibarium network include bridging ability with the Ethereum ecosystem, token delegating, and validator option. Notably, the validator option on the Shibarium network that allows users to apply for the position is expected to be launched in the near future, which will, in turn, help the second-largest meme coin obtain more decentralization.
The Shibarium network is expected to increase the Shiba burn rate exponentially in the future amid the mainstream adoption of digital assets. Currently, about 41 percent of Shiba Inu’s total supply, valued at approximately $3.2 billion, has been burned.
Shiba Inu Price Action
Ultimately, the Shiba Inu market is expected to be the largest beneficiary of the Shibarium launch as it will increase its overall demand amid the mainstream adoption of digital assets. Trading around $0.0000079 on Monday, Shiba Inu price was down about 25 percent in the past two weeks, to a total market capitalization of about $4.6 billion and 24-hour trading volume of approximately $82 million. Undeniably, Shiba Inu price is well positioned to rally as high as 1 cents in the coming crypto bull markets, with the increased network utility.
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