What Is The Shibarium And Why Is It Important For SHIB Investors?

Shiba Inu, a dog meme-based token that boasts an army of loyal investors, has another major platform coming soon. The developers of the project are not willing to let the token slide off as another sh*tcoin and drop in value once the hype around it peters down.

The self-proclaimed 'Dogecoin killer' is launching its Shibarium project soon. ShibaSwap developer Eric M said on Discord that Shiba Inu’s layer 2 solution, Shibarium, will launch soon.

In a tweet, Camila Rocha, a crypto enthusiast active on Twitter, revealed a few screenshots from the Discord chat of Shiba Inu. The launch date of the layer 2 solution Shibarium is yet to be revealed but the developer claims that the project will be launching "soon."

"Those who trusted the project pre-swap were successful post-swap … A timeline is not needed when you trust a project. That’s how Shib has worked until now and will keep being like this," the developer revealed.

As seen in the tweet below, Shytoshi Kusama, the project lead for Shiba Inu, also commented on the future projects lined up for the meme token.

Shibarium was first proposed by the creator of Shiba Inu, Ryoshi in a Medium post. "Shiba will have it’s own l2 sooon (and no we are not partnering with or have zero association with matic as rumor bois tried to spread, they are way too centralized and will always be so)," said Ryoshi.

SHIB is an ERC-20 token and as a result, is troubled by the high fees and conjestion on the Ethereum network. However, a layer 2 solution like Shibarium will reduce the huge fee on the Ethereum network.

This will prove very beneficial for Shiba Inu because of the upcoming transition of the SHIB project into the NFT, gaming and metaverse spaces.

The Shibarium project will use the BONE token as its native token, not LEASH or SHIB, so as to give a fresh start to the layer 2 solution. The SHIB token holders will get the chance to mint the BONE token via a process that will be introduced at the launch of the platform.

The next step for Shiba Inu is the launch of SHI, a stable coin whose value remains pegged to 1 cent. It is expected to launch after the Shibarium project is made live.

"The end goal is that SHI (operating both on ETH and the Shibarium) becomes a global stable currency that plebs across all countries are able to use as both a store of value and method of payment," said Ryoshi in his blog.