Shiba Inu Token Soars As Lead Developer Reveals Long-Awaited Layer-2 Solution By Benzinga |

© Reuters. Shiba Inu Token Soars As Lead Developer Reveals Long-Awaited Layer-2 Solution

Benzinga – (CRYPTO: SHIB) soared by as much as 6%, outperforming other leading meme cryptocurrencies such as (CRYPTO: DOGE) and Dogelon Mars (CRYPTO: ELON) on Monday.

What Happened: Shiba Inu’s lead developer Shytoshi Kusama made a post on Shibarium. In it, he compares Shibarium to a sturdy pine tree that with the right care — “water, sunlight, and proper soil” — will survive even the harshest of winters.

See More: Best Crypto Day Trading Strategies

Kusama’s tweet suggests that Shibarium is being developed with resilience in mind, enduring even the toughest of “crypto winters.”

In a separate blog post, the team behind SHIB tweeted that Shibarium Beta is about to be launched, and introduced some basic concepts to provide clarity to the community.

Why It Matters: Shibarium has begun its journey in transforming into a strong Layer 2 blockchain, offering a shift to the Shiba Ecosystem. According to the blog post, through this Layer 2 blockchain, Shibarium aims to bring forth fast transaction speeds, reduced costs, bigger output possibilities and enhanced safety to the world of Decentralized Finance. Being constructed on the (CRYPTO: ETH) blockchain, Shibarium requires that the tokens of SHIB, LEASH and BONE (CRYPTO: BONE) are levied to use its Layer 2 blockchain.

This Layer 2 blockchain offers a number of benefits such as larger capability, faster transactions and lower charges.

BONE is the native token that was selected to facilitate gas transactions and incentivize Validators and Delegators within the Shibarium protocol. From its genesis in July 2021, its primary function centered on governance.

Now, with the highly anticipated Shibarium launch, the total supply of 250 million BONE tokens, with 20 million being allocated to reward Validators and Delegators in the future, has been approved by the Shiba community in the DAO process.

Price Action: SHIB was trading at $0.0000107, up 5.87% in the last 24 hours, according to Benzinga Pro data.

Read Next: Surges Above $21K, Ethereum, Dogecoin Rally Intact — Analyst Says This ‘Could Awaken Some Dormant Long-Term Bulls’

© 2023 Benzinga does not provide investment advice. All rights reserved.

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