According to the announcement, the beta testnet of Shibarium is expected to be released in the coming weeks, but the exact launch date is yet to be revealed. This layer-2 network aims to help the community build and grow the project and fulfill its founder’s version. While some believe that the creation of Shibarium is a way to increase the memecoin price, the developers insist this is not the project’s focus and never has been.
Besides working as a solution for Dapps built on the network, Shibarium also focuses on metaverse apps and games, the developers said in a post. The move could further bolster the fundamentals of Shiba Inu’s three ecosystem tokens including SHIB, LEASH and BONE, which together account for more than 5 billion USD in market capitalization.
Ethereum-based transactions will be settled in BONE, the governance token of the Shiba DAO. BONE is also used to reward validators and delegators on the network. 20 million tokens (worth $27 million) have been reserved to pay out these rewards, thereby improving the utility of BONE.
However, SHIB price still did not have a positive move after the announcement, it has even dropped by nearly 5% over the past 24 hours and is trading around $0.0000105. Trading volume on the same reference frame also decreased by more than 16%.
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