Shibarium Testnet Announced: Shiba Inu Gains 21% Following

Shibarium, a Layer 2 blockchain, announced Shibarium to revolutionize DeFi.
It is supposed to provide increased scalability, faster transaction speeds, and lower fees.
Self-governance token, BONE, would be used to pay gas and reward validators.

Shiba Inu (SHIB) is slowly moving toward dethroning DOGE from the position of the top meme coin. Shibarium, the Layer 2 blockchain, to seize the new era of blockchain innovation, had launched its testnet. This will be the first step in the direction of a new layer of scalability and performance and will revolutionize Decentralized Finance (DeFi).

Shibarium: A brief

It’s a Layer 2 blockchain protocol with native currency as SHIB and runs on top of Ethereum. It was developed to power the ecosystem of Shiba Inu, along with the associated services, and enable developers to build and expand alongside the current blockchain network.

Shibarium is supposed to provide increased scalability, lower fees, and faster transactional speeds. The scalability part is because all transactions occur outside the Ethereum network domain. This allows the blockchain to oversee processing work and alleviation bandwidth, resulting in lower processing time and cost.

Shiba’s Governance Token

To ease and facilitate the transaction on Shebarium, a governance token called BONE was launched by Shina Inu. BONE can be used to pay for gas transactions, rewarding the validators and Delegators operating within the Shibarium protocol. BONE has a total supply of 250 million, of which 20 million are reserved to reward Validators and Delegators in the future and voted in by the Shiba community through DAO.

Developers at Shiba Inu have launched a faucet for tokens to test applications and digital assets on the Shibarium blockchain. This faucet would release small amounts of these test BONE tokens and allow users to test the network with the native token.

What does a validator do in Shibarium?

A validator ensures the integrity of the blockchain by verifying the transactions’ validity and confirming the network’s protocols and rules. To validate the transaction, computing resources must be utilized to process and verify the transactions. A validator will earn a small portion of the transaction fee, along with the reward from the network.

What’s next?

After the launch of Shibarium, SHIB holders will enjoy access to exclusive features like SHIBDAO airdrop, making them eligible to earn additional rewards. Shiba Inu, in 2023, is working on a new era of decentralized innovation. This Layer 2 blockchain will have features allowing developers to create and test assets with flexibility and scalability.

And once the mainnet is launched and adopted by the community, the SHIB price is expected to go north.

Currently, SHIB was trading at $0.00000121 with a jump of 15.32%, and its Bitcoin value has risen by 15.03% at 0.00000000057 BTC. Its market cap also saw an increase of 15.37% at $6.6 billion, and its volume grew by 214.91% at $895 million in the past 24 hours. Its market dominance is at 0.69% and is ranked at 13.

The current value was 85.95% down from its all-time high of $0.00008845 achieved on October 28, 2021, and a massive 15224055.46% higher from its all-time low of 0.000000000082 hit on September 1, 2020.