Shibarium Ethereum L2 Blockchain by Shiba Inu Goes Live on Mainnet
Alisha Dar
Shibarium has completed its beta testing phase, during which it witnessed the creation of 21 million wallets, generating immense interest among users well before its official release.
Shiba Inu recently introduced its Shibarium mainnet, a scaling enhancement for the Ethereum platform, after an extensive testing period. This period attracted millions of participants and led to the development of 21 million wallets.
Shibarium employs an innovative consensus mechanism termed proof-of-participation (PoP). The mechanism selects validators based on the amount of the related cryptocurrency they hold, offering an alternative to energy-intensive proof-of-work methods. This layer-2 blockchain is designed to work seamlessly with the primary Ethereum blockchain, aiming to offer users faster and more cost-efficient transactions.
Despite experiencing a meteoric rise in 2020-2021 and briefly surpassing the well-known meme cryptocurrency Dogecoin in popularity, Shiba Inu witnessed a decline, shedding more than 80% of its value in a subsequent market downturn.
Nevertheless, the dedicated Shiba Inu community remained resilient, developing a decentralized structure around the digital currency. This includes a decentralized trading platform called ShibaSwap, a unique token named BONE, and expansions into the metaverse and a Web3-based game. The SHIB currency experienced a notable price hike leading up to the Shibarium introduction.
Before the release of the mainnet, the chief developer of Shiba Inu, known as Shytoshi Kusama, highlighted the increasing interest in the layer-2 solution. In a post on a platform previously recognized as Twitter, he displayed images showing companies actively developing on Shibarium, indicating its adoption by over 100 firms.