Shibarium Release Date Update
After a last-minute change of heart, it is a question challenging many in the last couple of months – just when is the Shibarium release date?
A series of delays towards the end of last year means that the release date for this eagerly awaited Ethereum scaling solution has remained a mystery. New evidence has shown that, finally, we may be moving closer toward the launch of this long-awaited 'layer 2 scaling solution'.
‘Layer 2 scaling solution'
Shibarium is a layer 2 scaling solution built on top of the Ethereum network. It is designed to facilitate the Shiba Inu ecosystem. In theory, this should provide thousands of users access to the myriad Ethereum-enabled applications.
Layer 2 solutions take advantage of the vast security and infrastructure benefits of layer 1 blockchains while ultimately providing cheaper and faster transactions. They achieve this by 'sitting on top' of layer 1s and using technical innovations like Roll-ups and Federated Side Chains to increase transaction times while reducing gas fees.
This helps to take pressure off a main chain while continuing to provide access to its benefits. Close association with Ethereum allows users of layer 2 scaling solutions like Shibarium access to the massive DeFi ecosystem on the world's second largest blockchain.
What can we expect when the Shibarium release date is finally decided? It goes without question that Shibarium is one of the most highly anticipated projects to be launched in the Shiba Inu ecosystem. But just what will its launch mean in real terms?
Let's look at some of the immediate benefits.
Firstly, and most importantly, the successful launch of Shibarium will mean much lower transaction fees for those looking to develop applications on the platform. The high gas fees associated with the Ethereum blockchain are well documented. They are often a barrier to entry for those looking to get into crypto. Scaling solutions such as Shibarium promise to be much cheaper to use without losing the security benefits of the Ethereum blockchain. This is a massive draw for any developers looking to build.
Due to the blockchain trilemma, speed is often sacrificed at the expense of security. That means peak period transactions across Ethereum can slow to as little as 30 transactions per second. Because scaling solutions such as Shiberium do not access the main chain, transactions can reach into the thousands and provide much-needed scalability when it is needed the most.
This combination of cheaper and faster transactions is irresistible to developers looking to take advantage of Ethereum's stability and security. Indeed, the latest data shows that decentralised gaming application developers, such as those behind Shiba Eternity, are beginning to realise that this promising layer 2 solution provides everything they are looking for.
The successful rollout of Shibarium is sure to present more opportunities for the burning of the SHIB token, which will come as a great relief to holders of the coin. With 500 TRILLION tokens at its launch, many industry experts believe this high number is unfavourable to any future price gain. Consequently, Shibarium is expected to feature several burn mechanisms contributing to the drop in circulating supply.
With plans to launch a Metaverse project also in the pipeline, Shibarium is surely one of the projects to keep a close eye on in 2023.
The native token of the project, $BONE, has been democratically distributed by its anonymous creator Ryoshi. Like most other layer 2 solutions, node operators across the network will be rewarded in BONE for validating and processing transactions. With a circulating supply of 230 million tokens, BONE has every opportunity to be a highly tradable coin.
Project release date - ‘close’
At the time of writing, the Shibarium release date is still unclear. However, as we are all aware, the world of crypto is unpredictable and anything can happen.
That said, the creators behind the project, Unification Foundation, are keen to get the ball rolling. An October 2022 Twitter post by Lead Developer Shytoshi Kusama highlighted the team's insistence on doing 'one thing at a time'.
As far as we can tell, the project has completed an internal alpha testnet phase before a public testnet phase which shows that the project release date is 'close'. It is thought that one of the key components of the project is the development of a secure and efficient wallet function. Getting this element correct is something that cannot be rushed.
Author: Mark Harridge
Mark Harridge first came across Bitcoin and began to use its peer-to-peer payment network in mid to late-2011. He quickly understood that this technology would change the world. Mark is passionate about crypto adoption, from a macro economic and institutional perspective, and the numerous factors that fuel the relentless march towards individual self sovereignty and the decentralised society of the future.