The developers behind the dog-themed token Shiba shared an update for its community around the incoming beta release of Shibarium, a layer-2 network which functions over the Ethereum mainnet, as reported by Cointelegraph.
According to Cointelegraph, SHIB developers revealed data about layer-2 blockchains. It is believed that they emphasised on Shibarium’s development to provide a tool for permitting the community to ensure the project’s growth. “Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project’s focus and never has been,” the developers stated.
On the basis of information by Cointelegraph, the developers highlighted the aim behind the new update in its infrastructure to “revolutionise the Shiba ecosystem,” through removal of barriers for small transactions’ entry, speed upgradation, permitting development of decentralised applications (dApps) and integration of non-fungible tokens (NFTs). Furthermore, the developers mentioned that “all transactions on the network will have an implicit burn amount for SHIB token.” While an official timeline has not been given around the release, the team said that the answer to all questions based on the time frame is “soon.”
Moreover, Cointelegraph noted that on November 22, 2022, Shytoshi Kusama, developer, SHIB, said that the World Economic Forum (WEF) asked the project to partner on developing a global policy on the metaverse. Also, the developer expressed the intention to work with other technology companies such as Facebook and Decentraland for ensuring WEF’s development of the policy.
(With insights from Cointelegraph)