Recently, SHIB influencer LucieShib wrote about what Shibarium’s development team is focusing on at the moment and when she expects to see Shibarium go live.
The Shiba Inu cryptocurrency project, rooted in the popular Shiba Inu dog meme, presents itself as a rival to Dogecoin and runs on the Ethereum blockchain. The Shiba Inu (SHIB) ecosystem comprises three unique tokens, each serving a particular purpose within the project.
SHIB, as the main token, acts as a decentralized, community-driven currency that is accessible to millions of users around the world. Having launched on the Ethereum blockchain in late 2020, SHIB has since gained global attention and can be used for payment at various locations, either directly or through intermediary services.
BONE serves as the governance token in the ecosystem, with a total supply of 250 million. BONE enables the Shib Army to participate in decision-making by voting on proposals through the Doggy DAO. Additionally, BONE establishes the groundwork for Shibarium, Shiba Inu’s own Layer 2 network.
The third token, LEASH, has a limited supply of 107,646 and offers exclusive benefits to dedicated supporters of the ecosystem. LEASH holders have experienced advantages such as increased BONE rewards for providing liquidity to ShibaSwap, exclusive rights to mint Shiboshi NFTs, and priority access to land sales within the “SHIB: The Metaverse project.”
Shibarium, a layer 2 blockchain, has been developed to overcome Ethereum’s limitations, including slow speeds and high transaction costs. The Shiba Inu project currently has Shibarium in beta testing.
In a chat on the official Shibarium Telegram group “Shibarium Tech” on 24 April 2023, Kusama revealed her excitement about partnering with a remarkable team to achieve what was once believed to be an unattainable goal.
When prompted to provide a Shibarium update via Medium blog post on the same day, Kusama expressed that he and his team are fully focused on executing their plans and do not have the bandwidth to communicate every project detail continuously. “We are in go mode,” he emphasized, underscoring their unwavering commitment to driving the project forward.
On May 4, 2023, LucieShib shared her thoughts on the release timeline for Shibarium, stating that it depends on the progress made during beta testing and subsequent audits. She mentioned that Shytoshi has confirmed that audits will indeed take place.
LucieShib also emphasized the importance of prioritizing safety and the need for rigorous crush tests. She advised long-term investors to understand these measures. For those seeking a quick pump, Lucie remarked that it’s not how prices are driven in this case, and even post-release, it may take months for the platform to fully establish itself in the market.
LucieShib suggests that individuals who are part of the “pump crowd” should reevaluate their investment approach, as $SHIB, $BONE, and $LEASH aim for growth and generational wealth.
According to data from the blockchain explorer BlockScout, the Shibarium beta has successfully processed over 5,287,703 transactions as of 8:27 a.m. UTC on 6 May 2023. Insights from the Puppynet explorer show that the number of wallet addresses engaging with the Shibarium beta has reached 14,314,818. Currently, gas fees are at a mere 2.0 Gwei, rendering transactions practically cost-free.