An Update from Shibarium on its Beta Network

Shibarium is simply the long-awaited Layer 2 blockchain solution that is being developed. It is a blockchain layer that runs on top of Ethereum. The idea for Shibarium is to take over a large portion of the SHIB transactions so that it doesn’t rely solely on Ethereum.

On January 5th, 2023, Shibarium provided an update related to its upcoming beta network.

Shibarium Update 🧵
As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.
1/6 🧵
— Shibarium Network (@ShibariumNet) January 4, 2023

In the twitter thread, it added “we’d like to announce that we have observed, and also have been made aware, of rumors alongside claims that involve other tokens in the network or that are required to utilize it. This is to confirm and validate, from us, the official source, that BONE is and remains the only token selected for gas fees and use.”

It further mentioned that “No other tokens will be necessary to operate within the protocol. And to make it strictly clear: Shibarium has been developed for Shibtoken and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens. This layer belongs to the community and its solid foundation to innovate while evolving SHIB as an Ecosystem. It will always encompass support for Shiba Inu and its growth.”

It must be noted that it was important to hear from the Shib Army as there are many rumors that other tokens would be needed to operate Shibarium and that BONE would not be the main token. Now it is clear that this is not the case and just like many had believed from the beginning, Bone for Shibarium will be the same as ETH is for Ethereum.

The Shiba Inu Coins

At present, there are multiple tokens in the Shiba ecosystem. Such as, SHIB—Shiba Inu (SHIB), the original Shiba meme coin, BONE—Shiba Inu’s governance and utility token, allows holders to vote on the project’s development and will also be Shibarium’s utility token.

Moreover, LEASH, the most expensive and limited-supply Shiba Inu coin, where its holders can stake the coins in liquidity pools to receive rewards. TREAT, the newest member in Shiba Inu’s family, only launched in the summer of previous year. It is also a token that rewards holders but has various other features. This token finds a place in the ShibaSwap DEX, in place of BONE, and will also have a role in the upcoming Shiba Metaverse and Shiba Inu’s blockchain-based game.

SHI stablecoin is a part of the plans for Shiba Inu’s transition to a utility ecosystem. There are not many details about the SHI stablecoin. According to information released by Shiba Inu’s team, the TREAT token will also have some connection with the SHI stablecoin.