The Shiba Inu team confirms the Shibarium public beta testnet will launch soon. According to the latest announcement, the public testnet is almost done and may be released in the near future.
What is Shibarium?
Shibarium is a layer-2 (L2) network for Shiba Inu (SHIB) running on top of the Ethereum (ETH) blockchain. The L2 network aims to significantly reduce gas fee transaction fees and provide faster transaction times.
Unification is the name of the company that developed the L2 network and will remain decentralized to protect user security.
Shibarium's transaction capacity per second (TPS) was not made clear in the Shiba Inu team's recent announcement. TPS can only be evaluated when a testnet is launched for network optimization.
Gas fees, i.e. transaction and usage fees, are not stated in the latest announcement. These fees are expected to be lower than L1 blockchains like Ethereum on which Shibarium is based.
Watcher Guru reports that gas fees can be as high as US$0.01 per transaction, but that figure will not be known for certain until Shibarium is fully functional.
Bone (BONE) is the native and governance token for Shibarium which will be used as a gas fee to pay for transactions on the network.
Because of this, BONE plays an important role in the L2 network and will be the key to the smooth functioning of Shibarium. Validators and delegators in Shibarium will be paid with BONE as an imbalance for the job of verifying transactions.
Shibarium is said to boost SHIB's burn rate when it's running. The burn rate is the rate at which SHIB tokens are destroyed in order to reduce the circulating supply of SHIB.
