Shiba Inu’s Shibarium Ethereum Layer-2 (L2) blockchain has been launched on the mainnet. The beta phase of Shibarium garnered significant interest with 21 million wallets on the L2, well before the official launch.
Shibarium introduces a novel consensus mechanism called proof-of-participation (PoP), which selects validators based on their holdings in the associated cryptocurrency instead of using energy-intensive proof-of-work. This L2 blockchain solution is designed to seamlessly interact with the Ethereum layer-1 blockchain, offering enhanced scalability and cost-effectiveness for transactions.
Shiba Inu (SHIB) gained fame during the 2020-2021 bull market, briefly surpassing Dogecoin (DOGE). Despite a subsequent 80%+ valuation loss in the bear market, the Shiba Inu community persisted. They established a decentralized ecosystem around the cryptocurrency, featuring ShibaSwap, a decentralized exchange, and a native token, BONE. Additionally, they developed a metaverse and a Web3 game. The anticipation of Shibarium’s launch boosted SHIB’s price to a multiweek high.
Shiba Inu’s lead developer, known as Shytoshi Kusama, shared that Shibarium gained substantial traction among new projects even before its mainnet launch. Over 100 companies were reportedly using Shibarium for development.
Kusama highlighted that Shibarium embodies principles of community involvement and decentralization, aligning with the idea of an “everything app.” The validator and delegator components ensure decentralization, while the innovation lies in the framework, governance, and charter that guide the ecosystem’s technical, community, protective, and innovative aspects.
Shibarium will deploy Heimdall validators and Bor block production nodes, reminiscent of the Polygon ecosystem. Heimdall employs the Tendermint consensus engine, and Bor ensures compatibility with the Ethereum Virtual Machine.
To become validators, users need to lock up 10,000 BONE in the Shibarium network. A reserve of 21 million BONE will serve as rewards for validators and delegators within the ecosystem, covering authorized gas fees.
