Shibarium, Shiba Inu's Layer-2 (L2) Ethereum solution, recently transitioned from its beta phase. Before the official mainnet launch on August 16, the beta phase attracted 21 million wallets. Built on a unique "proof-of-participation" consensus mechanism, Shibarium aims to be more scalable and affordable than its Layer-1 counterpart by selecting validators based on their cryptocurrency holdings, thus bypassing the energy-intensive proof-of-work processes.
Shiba Inu (SHIB), which saw a surge during the 2020-2021 bull market, at one point eclipsing even Dogecoin (DOGE), lost over 80% of its value in a subsequent bear market. Still, its community remained dedicated, creating a decentralized ecosystem including a DEX (ShibaSwap), a native token (BONE), a metaverse, and a Web3 game. The impending Shibarium launch also bolstered SHIB's
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First found on: Shibarium Launches: Shiba Inu's Innovative L2 Solution Transforms the Ethereum Ecosystem
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