The Layer 2 solution for the Shiba Inu token will become available to users in the third quarter of 2022

Shibarium developers announced the launch timeline for the public testnet

26.06.2022 - 06:30

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2 min

What’s new? The Unification Foundation development team has announced that Shibarium's Layer 2 (L2) solution for the Shiba Inu token (SHIB) will launch for public beta testing in the third quarter of 2022. According to the team, the network is now successfully operating in the closed alpha stage. The main tool, which is in the intensive development phase, is the wallet application.

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What else did the developers say? According to the Unification Foundation, the wallet will be a comprehensive extension supporting asset transfers between L1 and L2, staking, and integration with the decentralized exchange (DEX) Shibaswap. Shibarium will have automatic market makers (AMMs) built on the technology of Oracle of Oracles (OoO) developers.

Information about the creation of L2 for Shiba Inu appeared back in December 2021, but then the only confirmation was a chat in Discord. According to representatives of the project, the introduction of Shibarium will significantly reduce the cost of transactions and make it easier for the cryptocurrency to enter the spaces of meta universes.

In February, the developers of Shiba Inu announced plans to launch their own Shiberse metaverse. In it, users will be able to buy virtual items and real estate. The owners of Doge Killer (LEASH), a native Shibaswap token, will be allowed to the first stage of sales. Later, a decentralized autonomous organization called Doggy DAO appeared online. Its members can vote on decisions about the development of the project.

As of June 25, 12:15 UTC, SHIB token is trading at $0,00001146. In the last 24 hours, the exchange rate of the asset has increased by 5,63% (according to Binance).

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