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In a blog post on Thursday, developer Shytoshi Kusama announced that the highly anticipated layer 2 blockchain Shibarium is scheduled to launch following a conference in Toronto in August.
Layer 2 technology encompasses a collection of off-chain solutions (distinct blockchains) constructed atop layer 1 protocols to address scalability and data constraints. By aggregating numerous off-chain transactions into a solitary layer 1 transaction, it effectively mitigates data congestion and minimizes associated fees.
“The completed Worldpaper will be exhibited, all Shib branded projects will be published and Treat will be published in detail for the first time,” Kusama said. “In addition, it is very likely that we will also discuss and release the long-awaited L2 Shibarium.”
At the upcoming launch, developers will introduce DoggyDAO, a decentralized autonomous organization (DAO) operated and governed by token holders. DoggyDAO will serve as a funding mechanism for projects that are built on Shibarium.
The testnet of Shibarium, which serves as a testing blockchain, has experienced significant engagement in recent months, witnessing a remarkable 20 million transactions conducted through an estimated 16 million wallets as of June. This vibrant activity observed on the Shibarium testnet serves as a strong indication of the growing demand for the network.
Previously, developers have emphasized that Shibarium would prioritize the integration of metaverse and gaming applications, particularly in anticipation of the projected surge in the non-fungible token (NFT) sector in the upcoming years.
The launch has the potential to enhance the underlying strength of Shiba Inu (SHIB), which originated as a meme coin during the previous bull market but has since endeavored to establish itself as a credible venture through the development of its own blockchain network and dapp ecosystem.
In the past 24 hours, the performance of tokens within the Shiba Inu ecosystem exhibited a blend of movements.
CoinGecko data reveals an impressive surge in the bone (BONE) token, with a remarkable jump of 4.5%. Additionally, the leash (LEASH) token also witnessed a respectable increase of 2%. However, in line with a broader decline in major tokens, SHIB tokens experienced a slide of 5%.
