Shiba Inu Price Surges as Project Lead Announces Shibarium Is Now ‘Enhanced and Optimized’

Key highlights:

• According to the big boss man Shytoshi, they’ve spent the past couple days “enhancing and optimizing” it after some initial hiccups.
• Shibarium aims to make transactions way faster and cheaper than congested old Ethereum.
• That’ll let folks actually use their SHIB for everyday things like payments, borrowing/lending, and trading without breaking the bank.

The meme coin Shiba Inu (SHIB) has seen its price increase by over +3.5% in the past 24 hours. This comes as lead developer Shytoshi Kusama announced in a recent blog post that the much-anticipated Shibarium layer 2 solution is now “enhanced and optimized” after initial testing.

GM #SHIBARMY ☀️ We’ve got a fresh update for you on our blog. https://t.co/PKBVls4oar

— Shib (@Shibtoken) August 22, 2023

A rocky start for Shibarium

Shibarium, the layer 2 scaling solution for the Shiba Inu ecosystem, finally launched its mainnet on August 16. The goal was to provide faster and cheaper transactions compared to the congested Ethereum mainnet.

However, the launch did not go as smoothly as many had hoped. Transactions were getting stuck in a pending state, with over $1.8 million in Ether unable to be processed. The Shibarium Discord saw restrictions on messaging shortly after problems emerged.

In a recent blog post, lead developer Shytoshi Kusama acknowledged the troubles but said improvements have been made:

“After two days of testing and tweaking parameters to achieve “ready” state Shibarium is now enhanced and optimized.”

What is Shibarium and why does it matter?

Shibarium acts as a layer-2 scaling solution on top of Ethereum. It uses a consensus model called Proof-of-Participation that requires validators to stake SHIB tokens in order to participate.

The main benefits Shibarium aims to provide are:

• Much faster transaction speeds – Up to 100X faster than Ethereum mainnet depending on network congestion
• Lower fees – Transactions that would cost $20-50 on ETH could cost just $0.01 on Shibarium

This makes SHIB more practical to use for everyday payments, lending, trading, and other DeFi activities. With Ethereum gas fees often being cost prohibitive, Shibarium offers a way forward.

The Shiba Inu team excites investors with a new development every day. So is it too late to invest in a Shiba Inu? Watch the video and decide for yourself.

A promising future despite early struggles

The Shiba Inu team has built major hype for Shibarium over the past year. It acts as a layer 2 solution on top of Ethereum, allowing faster throughput and lower fees. This unlocks new use cases like NFTs, metaverse development, and more.

Over 100 projects were lined up to join Shibarium before it even launched. The team hoped it would provide a catalyst for the SHIB token price.

Some of the offerings in the works include:

• Stablecoins pegged to various fiat currencies
• Lending / borrowing protocols
• NFT marketplaces
• Token bridges to other chains like Bitcoin
• Gaming platforms

With its high throughput and fast finality, Shibarium will be much better suited to these types of applications than the congested Ethereum mainnet.

Of course every new blockchain experiences growing pains. But issues can get resolved over time. Once basic functionality improves, the many projects eager to join the ecosystem can begin operations.

Lower fees make SHIB more practical for everyday payments and transactions. Rather than just a speculative asset, it would gain real-world utility.

‘Enhanced and optimized’

The coming days and weeks will reveal whether Shibarium’s troubles were just temporary growing pains or not. But the SHIB army is optimistic this layer 2 solution can fulfill its promise and boost adoption of the token.

The price of SHIB is up over +3.5% in the past 24 hours. If Shibarium delivers on fast and cheap transactions, we could see renewed interest in the formerly slumping Shiba Inu token.