What is Shibarium, Shiba Inu's Layer 2 Solution? $BONE Confirmed As Token To Be Used as Gas

Shiba Inu's developments such as ShibaNet, Shibosis and Shibarium are expected to be the game-changers in the SHIB token's prospects in the coming future. With the increasing demand for the meme-token, the Shiba Inu ecosystem is growing day by day. It is the 13th most valuable currency in the cryptocurrency market at present.

Among the ongoing developments, the Layer 2 Solution of Shiba Inu, Shibarium, is likely to release first and even before Ethereum 2.0, as ShibaSwap lead developer Eric M hinted during a D&A session on Discord. According to him, Shibarium will be released "soon."

What is Shibarium?

In May 2021, Shiba Inu founder Ryoshi proposed the idea of Shibarium in his Medium blog post. SHIB token, which has been built in the Ethereum blockchain, has issues with its scalability, speed, transactions, according to investors and crypto analysts. And, with the release of Shibarium, these issues are expected to be resolved. It will open up a host of opportunities for investors.

Web Screen Grab

At present, SHIB solely depends on the ETH platform to process transactions. Wherein Shibarium aims to be its layer-2 network expected to eliminate the gas fees in the ETH network. Shibarium will be a gamechanger for small retailers and, it will provide consumers with an in-house platform for transactions.

When will 'Shibarium' Release?

Shibarium layer-2 solution is likely to release in the first quarter of 2022. Eric M has said that a timeline isn't necessary. "A timeline is not needed when you trust a project. That's how SHIB has worked until now and will keep being like this," he stated, adding that the Shiba Inu team is happy with the evolution of its ecosystem.

$BONE Confirmed As Token To Be Used as Gas in 'Shibarium'

Moreover, the $BONE token has been confirmed to be used as gas in the Shibarium blockchain. Shiba Inu founder Ryoshi in his blog had also mentioned the reason behind the launch of this new token. He said, "The Shiba L2 (Shibarium) will actually use BONE as the primary pair token (we think.) The reason we are using this instead of Shiba is that BONE will have a fair and "0" start in which we will not have to be concerned about overarching "whale bags" — but if you are a SHIBA or LEASH holder, don't worry, your Shiba holdings will be used to yield Bone at the launch of ShibaSwap."

At the time of publishing, Shiba Inu was trading at $0.00003405 down by -3.58% with a market cap of $18.6 billion.

The International Business Times advises crypto investors to keep track of the latest trends in the cryptocurrency market and not fall for any rumors.