Blockchain News

Shibarium Launched on Mainnet: What to Expect?

The primary goal of Shibarium is to address the pressing issue of scalability, reducing transaction costs and making Shiba Inu more accessible to a wider user base.

Shiba Inu Unleashes Shibarium Mainnet

Shiba Inu, the meme-inspired project, has officially launched its highly anticipated Shibarium mainnet. This move marks a significant step forward for the Shiba Inu ecosystem as Shibarium has finally emerged from the shadows after a testing phase that engaged millions of users and gave birth to 21 million wallets. 

The development addresses scalability, one of the most pressing challenges the Shiba Inu ecosystem faces. Ethereum's notorious gas fees have long been a pain point for users, and Shibarium aims to alleviate this concern by drastically reducing transaction costs. 

Shibarium leverages an architecture similar to that of Polygon's success story. The chosen validator, Heimdall, runs on the Tendermint consensus engine, while Bor, the block production node, runs on the Ethereum Virtual Machine. In addition to enhancing user experience within the Shiba Inu ecosystem, this strategic infrastructure promises to offer efficiency and reliability.

This will reportedly make using Shiba Inu more cost-effective and open the doors to a wider audience of crypto enthusiasts.

A Leap Towards Adoption and Value

With the launch of Shibarium, the Shiba Inu project looks to leap towards broader adoption of Shiba Inu and other tokens within its ecosystem. Shiba Inu's lead developer, the pseudonymous Shytoshi Kusama, hinted at the platform's growing popularity before the mainnet launch. 

According to a screenshot posted on X (formerly known as Twitter), over a hundred companies are already developing on Shibarium.

Beyond the mainnet, Kusama unveiled a roadmap packed with promise. The Shiba Inu team is working on an array of projects, including a decentralized exchange (DEX), a metaverse, and a non-fungible token (NFT) marketplace. Anticipation mounts as these projects are slated for release in the upcoming months and years, potentially enriching the Shiba Inu experience even further.

A Rocky Start: Navigating Initial Challenges

Shibarium encountered some initial setbacks during its launch, tempering initial excitement. Over 1,003 ETH (equivalent to $1.79 million) was reportedly locked after transactions got stuck in pending status on Shibarium. Beosin blockchain security experts advised users to temporarily halt Shibarium activities while the issues were resolved.

According to Shibarium's blockchain explorer, there haven't been any new confirmed transactions for some time, raising concerns about the network's stability. Blockchain analyst, ZachXBT raised concerns about the RPC (remote procedure call) system being dead. RPC allows access to a network's server node to interact with blockchains

The Road Ahead: Shiba Inu's Future Trajectory

As the dust settles and Shibarium gets back on track, all eyes are on the future trajectory of Shiba Inu and its token's value. The price of $SHIB declined by 8.25% after the Shibarium launch, while $BONE fell by 15.46% and $LEASH fell by 20.6%. The recent price decline of Shiba Inu, Bone, and Leash serves as a reminder of the inherent volatility of the cryptocurrency market.

While the launch of Shibarium is undoubtedly a momentous stride, the elusive $1 mark for SHIB remains a lofty goal. Currently trading around $0.000009, SHIB would require an astronomical surge of over 100,000% to reach the coveted milestone. 

An analysis by Finbold found that if Shiba Inu had Dogecoin's market capitalization of $10.6 billion, 1 SHIB would be worth $0.000011. This would be about 45% higher than current prices, based on SHIB's fully diluted market capitalization.

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