Cryptocurrency Shiba Inu (CRYPTO: SHIB), known as the Dogecoin (CRYPTO: DOGE) killer, has been undergoing continued development over the last few months, even as the crypto’s price has been dropping.
Shibarium is a layer-2 solution first proposed by Ryoshi, the creator of Shiba Inu Coin.
In a recent blog post, Ryoshi announced the layer-2 solution, saying that Shibarium had to be properly decentralized, making sure that there’s no single point of failure.
With the prohibitive cost of Ethereum (CRYPTO: ETH) gas fees, reducing the cost of transactions is key to the success of the envisioned Shiba Inu ecosystem that includes gaming and non-fungible tokens. Shibarium would allow for a significant drop in fees.
ShibaSwap developer Eric M has commented on the progress of Shibarium, indicating that it’s coming “soon” in a new post on a Shiba Inu-focused Discord server.
He has said that the team wouldn’t have to wait for the rollout of Ethereum 2.0 in order to launch Shibarium.
#SHIBARIUM #SHIB pic.twitter.com/VTAOyK59m8
— Camila Rocha (@Camila_Rocha) December 19, 2021
Bone ShibaSwap (CRYPTO: BONE) will act as the platform’s primary cryptocurrency instead of SHIB to avoid whale concentration.
According to reports, Ryoshi and core developers are also working on Shiba Inu’s entry into the metaverse ecosystem.
SHIB remains the 13th biggest cryptocurrency by market capitalization. The cryptocurrency has dropped over 65% since marking an all-time high of $0.00008845 on Oct. 28.
Shiba Inu was priced at $0.00003105 at the time of publication, down 1.70% in the past 24 hours.
Related Link: Cryptocurrency Shiba Inu Down More Than 8% Within 24 hours
