​Shibarium network’s beta version will be launched next week

What’s new? The official launch of the beta version of the project called Shibarium will take place next week. It is a Layer 2 (L2) network that will run on top of the Ethereum mainnet. Representatives of Bone ShibaSwap (BONE), a token for managing the decentralized exchange (DEX) ShibaSwap and paying fees on the Shibarium blockchain, announced the imminent launch on Twitter, without giving an exact date.

The most #important topics for everyone!1. It has been confirmed that #Shibarium Beta will be released next week2. Over a million #Shiba holders will buy $bone for very low fees and burn $Shib with every transaction.3. You will need #bone for everything in the #shib ecosystem

— BoneShibaSwap (@BoneShiba) February 21, 2023

Details on the operation of the network. The launch of Shibarium is designed to “revolutionize” the Shiba Inu (SHIB) meme coin ecosystem by removing barriers to small transactions, increasing speed, integrating non-fungible tokens (NFTs), allowing the community to develop decentralized applications (DApps) and their own coins.

According to Bone ShibaSwap, users will need a BONE token to operate in the ecosystem. SHIB holders will be able to purchase BONE for a very low fee. The key will be the implementation of the SHIB burning mechanism, which will be triggered with every transaction made on the network.

Cryptocurrency burning is the process of removing a certain number of tokens from circulation, after which they become permanently inaccessible. Often burning is carried out in order to increase the rate of an asset or prevent it from inflation. Burning can be done by sending tokens to a wallet without a private key, by conducting a hard fork, using special software, or using algorithms that destroy some of the funds during transactions.

Earlier, the developers emphasized that they do not position Shibarium as a tool to increase the price of the SHIB token, though some users consider it from this point of view.

The first mention of the creation of L2 for Shiba Inu appeared back in December 2021. According to representatives of the project, the introduction of Shibarium will significantly reduce the cost of transactions and make it easier for SHIB to enter the metaverse space. In February 2022, the team announced the launch of the Shiberse metaverse, where users will be able to buy virtual items and real estate.

The SHIB token was released on the Ethereum blockchain under the ERC 20 standard by an anonymous person or group of developers under the pseudonym Ryoshi in August 2020. As of Q3 2022, it ranked second most popular among investors. As of February 21, 2023, it ranks 15th in the cryptocurrency ranking with a capitalization of $7,7 billion and is trading at $0,000013, down by 3,25% in 24 hours, according to Binance.