What Is Shibarium?

Shibarium is the Layer 2 blockchain solution that extends functionality, scalability, and efficiency for the Shiba Inu ecosystem, and it is basically a memecoin that has garnered remarkable popularity in the world of cryptocurrency. You can also exchange SHIB crypto on Exolix!

Shibarium serves as an independent blockchain network that was built on Ethereum in order to provide faster and cheaper transactions to the SHIB holders and the community of developers, improving user experience. Shibarium has been created with the aim of solving problems characteristic of the Ethereum network: high gas fees and slow transaction times that limit the broad usability of SHIB and other tokens.

Shibarium allows the transaction processing to go highly off-chain by implementing the Layer 2 solution, hence reducing the cost and speed significantly. This places Shibarium in a good position in the quest of Shiba Inu's evolution toward going from a memecoin into a utility-oriented ecosystem and answering questions like Shibarium what is it and what is the purpose of Shibarium.

Key Features of Shibarium:

• Scalability: This crypto project is focused on scalability, which allows it to support large transaction volumes without sacrificing speed or security, significantly expanding its investor base.

• Low Fees: Despite its focus on scalability, the SHIB project allows users to save significantly on gas fees, making it very accessible for microtransactions and broader everyday use cases.

• Compatibility: The unique infrastructure of the SHIB project allows programmers and developers to create decentralized applications (dApps) and smart contracts directly on the Shibarium blockchain, which also significantly affects the popularity of the coin.

What Is Shibarium Shiba Inu (SHIB)?

Shiba Inu (SHIB) started out as an actual memecoin inspired off the Dogecoin (DOGE) hysteria, and by August 2020, began its life, being initially seen as a 'fun, community-driven project, evolving over the time into that very feature rich ecosystem, built from multiple tokens, decentralized exchange called ShibaSwap, into the own full-fledged Shibarium blockchain. 

SHIB has gained a lot of attention due to its active community, strategic tokenomics, and endorsements from influencers like Elon Musk. Its appeal lies in the following:

• Great Community Interest: The SHIB project has its own engaged community called SHIBArmy, playing an important role in the stability and development of this project, as well as its investment attractiveness.

• Deflation Mechanism: The project team regularly conducts a series of token burnings to decrease the SHIB turnover and to keep the asset value at a certain level, which also has a positive influence on the price of the asset in the long run.

• Ecosystem Growth: SHIB is a vast ecosystem that keeps expanding with new investors and active community members. Among the tokens of this project's ecosystem, there are LEASH and BONE, which form an integral part of SHIB.

What Is the Purpose of Shibarium?

Shibarium will further enable the Shiba Inu ecosystem to solve some of its most significant challenges: scalability, cost, and usability. The following are its goals:

1. Making Transactions Easy: Shibarium will help speed up transactions while reducing costs, thus increasing the usability of SHIB and other ecosystem tokens.

2. Decentralized Applications Strengthening: Shibarium will allow developers to create dApps, NFT marketplaces, and DeFi protocols directly on it.

3. Supporting Token Integration: The blockchain serves as the foundation for SHIB, LEASH, and BONE, ensuring seamless interoperability and utility across the ecosystem.

4. Strengthening Ecosystem Sustainability: By reducing fees and increasing efficiency, Shibarium aims to foster long-term growth and adoption of the Shiba Inu ecosystem.

What Is Shibarium Used For?

Shibarium has various application scenarios in other sectors of the cryptocurrency space, and these include:

• DeFi Applications: It also lets users create decentralized financial platforms that enable borrowing, lending, and earning through staking SHIB-linked tokens.

• NFT Marketplaces: Supports non-fungible tokens, creating opportunities for digital art, gaming, and collectibles in the ecosystem.

• Gaming and Metaverse Projects: Provide a foundation for blockchain-based games and virtual worlds within the Shiba Inu.

• Transaction Scaling: It serves as a faster and cheaper alternative for transferring SHIB, BONE, and LEASH. SHIB will be suitable for everyday transactions and active investments but only after research.

• Community Governance: Facilitates voting and decision-making for SHIB holders on ecosystem updates and developments.