The Shiba Inu development team is working on its blockchain known as Shibarium and it has advanced in stages, now to the testing phase. This is according to information shared by members of the community and confirmed by the Volunteer Project Lead at Shiba Inu Shytoshi Kusama.
Reportedly, the blockchain will be a layer-2 Ethereum scaling solution, which will, when completed, host the SHIB token as its native platform token. It will also help change the ShibaSwap woofing system and rewards which have become too expensive.
“Shibarium will be the proper blockchain of SHIB that should work as a sideways parallel blockchain for the Ethereum 20 network,” said a member believed to know the matter. “It is a blockchain on a blockchain that by time to time releases the information it gathered such as transactions, in a single block, onto the Ethereum network.”
“Thank you to everyone that braved the incredible gas fees to get a Shiboshi,” Kusama wrote. “This showed, without equivocation, the need for our own Blockchain platform Shibarium. I get asked for updates constantly, and I am happy to inform the community that the development of Shibarium is going well.
“We are a few months away from the first tests and audit of the system but the foundation is laid and Kaal Dhairya is now able to focus on this project while the rest of the developers work with our AAA studio to get the Shiboshi game into development, updates to ShibaSwap, and our biggest, top-secret project already underway,” Kusama added.
Despite the huge successes of Shiba Inu such as the massive price gains over the past few months, the project has been hit by congestion and high transaction fees, which got some community members raising issues with it even on social media.
“Honestly though, after watching the gas fees, we need #shibarium more than ever, and hope to see it happen in future launches affecting the ecosystem,” wrote a member of the Shiba Inu crypto community. “This would have helped drastically with the fee structure.”
The congestion and high fees are because SHIB is based on Ethereum, which has been, for quite some time now, hit by skyrocketing gas fees. This has affected tokens based on the blockchain, including SHIB as per social media posts from the community members.
“Now transactions done on Shibaswap are directly written on the Eth network, the reason why there is a lot of congestion and fees are as high and Eth by now has limited transactions per second.”
To try and solve the high gas fees problem for the Woofable rewards, however, Shiba Inu is unifying all the stable coins rewards in wrapped BTC, USDT, USDC, DAI, and Eth into a token called BONE for distribution. The conversion will be done internally without the need for a change of contracts.
As a layer-2 Ethereum scaling solution, it means the blockchain will work like and compete directly with Polygon. The own blockchain will help scale the SHIB transactions and lower the cost of Shiba swaps and transactions, just like it worked to reduce gas fees for those using polygon blockchain.
Shibaswap will also host projects just like Polygon, which will increase trading volumes, liquidity, and rewards for holders according to the shared information. The chain will host dApps of all types including games, wallets, and even NFTs, which will increase the usability of SHIB tokens.