The cryptocurrency market is growing at an exponential rate with new projects entering the market every day. With every new project setting an example of uniqueness and innovations, the market has turned into a fierce ground of competition. One such development flooding the crypto news is the Shibarium Network. The key developer of the Shiba Inu (SHIB) project, Kaal Dariya, recently released a blog post talking about some of the crucial developments in the project and emphasized the team’s commitment to making Shibarium one of the fastest and most cost-effective layer-2 solutions.
About Shiba Inu
The Shiba Inu was launched in 2020 with the ambition to become the Ethereum-based alternative to Dogecoin. Its Shiba Inu token was created anonymously under the pseudonym, “Ryoshi”. The network comprises three separate tokens: SHIB, BONE, and LEASH. This meme coin quickly gained immense traction through its community-driven rescue campaigns for Shiba Inu dogs and an ecosystem of products and services. The network also has its own decentralized exchange, ShibaSwap offering the functions of providing a liquidity pool, staking the tokens, swapping between multiple assets, analytics dashboards, and Shiboshi NFTs. The Shiba Inu ecosystem has developed a layer-2 blockchain network powered by Ethereum called Shibarium. The Shibarium network is designed to reduce the transaction cost and enhance its efficiency while focusing on burning the SHIB tokens in the process.
Updates on the Shibarium Network
A key developer working on the SHIB project, Kaal Dariya, recently released a blog to inform its community about some of the crucial developments in the project. The ShibArmy community has reached the milestone of one million wallets and around one million transactions. He talked about the team’s dedication to making Shibarium one of the fastest and most cost-effective layer-2 networks. The major update he revealed is the release of the hosted version of Blockscout Explorer, now accessible on Shibariumscam, known as Shibarium Explorer. This strategic decision empowers the protocol team to work towards enhancing the network, while Blockscout takes responsibility for keeping the Explorer fully functional and blockchain thoroughly indexed.
Kaal Dariya further urged the users to make the most of this Explorer for conducting research and verifying both, new and existing smart contracts deployed on the network. He added an extra layer of importance to contract verification through BlockScout, especially for projects built on Shibarium.
In terms of token support, Dariya claimed that the user interface has popular choices displayed for users like USDC, USDT, DAI, xFUND, and WBTC. In order to enhance the network’s accessibility and versatility, the developers are working on collaborating with third-party bridges which can add more tokens to the Shibarium network. Another exciting revelation is the renouncement of the BONE contract in the coming week which would undoubtedly add a layer of improved trust and decentralisation to the network. Their ambitious roadmap also talks about the company’s plan to introduce more validators which would ultimately enhance the reliability and security of the network.
These crucial developments in the Shiba Inu project and the Shibarium network have garnered the attention of investors and crypto enthusiasts. The team plans on making the Shibarium network more accessible, secure, and user-friendly with its enhanced features like the Shibarium Explorer, the renouncement of the BONE contract, and plans to add more validators to the network. It is evident that the Shiba Inu ecosystem holds a promising future and continues to grow its ShibArmy.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
