Shibarium, Shiba Inu’s Layer-2 (L2) Ethereum solution, recently transitioned from its beta phase. Before the official mainnet launch on August 16, the beta phase attracted 21 million wallets. Built on a unique “proof-of-participation” consensus mechanism, Shibarium aims to be more scalable and affordable than its Layer-1 counterpart by selecting validators based on their cryptocurrency holdings, thus bypassing the energy-intensive proof-of-work processes.
Shiba Inu (SHIB), which saw a surge during the 2020-2021 bull market, at one point eclipsing even Dogecoin (DOGE), lost over 80% of its value in a subsequent bear market. Still, its community remained dedicated, creating a decentralized ecosystem including a DEX (ShibaSwap), a native token (BONE), a metaverse, and a Web3 game. The impending Shibarium launch also bolstered SHIB’s price.
Shytoshi Kusama, Shiba Inu’s primary developer, hinted at the growing popularity of Shibarium among developers. Over 100 companies are reportedly now developing this L2 solution. Speaking to Cointelegraph, Kusama discussed the idea of an “everything app” and stressed that Shibarium’s innovations stem from community involvement and decentralized ethos. This L2 solution offers a robust governance framework ensuring that it remains decentralized.
Highlighting the revolutionary nature of Shibarium, Kusama said, “By using Shibarium for governance and pairing it with self-sovereign identity for genuine membership, we’ve redefined nationhood based on decentralization principles.” Similar to the Polygon ecosystem, Shibarium uses the Heimdall validator and Bor block production nodes. To become a validator, one must lock 10,000 BONE. A pool of 21 million BONE is set aside as reward within the Shibarium ecosystem.