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    Shiba Inu Team To Launch Shibarium Layer-2 Network Beta

    Cryptory.net - The soon-to-be-released Shibarium describes itself as a direct competitor to layer-2 projects like Arbitrum or Optimism, which aims to improve scalability, speed, and transaction fees.

    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%.

    Source: CoinMarketCap

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