A developer working on the meme-inspired cryptocurrency Shiba Inu (SHIB) has revealed the cryoticyrrecy’s layer-2 solution, Shibarium, is currently in its Alpha testing phase and “will move to Beta soon.”

In a tweet, Shiba Inu developer “kaaldhairya” shared an upgrade of what he is currently working on for SHIB, and pointed out that Shibarium’s Beta is coming soon, while also noting the project’s decentralized exchange si getting “new ways to earn.”

Shibarium, it’s worth noting, is a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.” Unification is planning on launching a public testnet for the network “very soon” according to its announcement.

In his tweet, the developer also mentioned the project’s stablecoin SHI, saying it’s “in development” and asking the cryptocurrency’s community to vote on their favorite collateral for it.

The developer also provided an update on Shiba Inu’s upcoming burn portal, which is set to make it easier for the platform’s users to regularly burn SHIB, effectively reducing its circulating supply. Token burns are popular in the cryptocurrency space, as with demand remaining steady or rising and supply being burned, a token’s price tends to rise as it’s effectively deflationary.

Per “kaaldhayirya,” the burn portal will allow users to “earn rewards.” What type of rewards they may be able to earn or in what way is still unclear. The developer also noted he’s working on other projects he cannot yet disclose.


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Featured image via Pixabay