{"id":144634,"date":"2023-09-01T15:46:07","date_gmt":"2023-09-01T10:16:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=144634"},"modified":"2023-09-01T15:46:07","modified_gmt":"2023-09-01T10:16:07","slug":"what-is-shibarium-the-shib-backed-network-that-tripled-wallet-numbers-overnight-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/what-is-shibarium-the-shib-backed-network-that-tripled-wallet-numbers-overnight-crypto-news\/","title":{"rendered":"What is Shibarium, the SHIB-Backed Network that Tripled Wallet Numbers Overnight? – Crypto News"},"content":{"rendered":"
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Shibarium is an Ethereum<\/a><\/span> layer-2 network backed by Shiba Inu’s SHIB tokens and built atop the Ethereum blockchain. This layer, according to the Shiba Inu Ecosystem blog, “aims, as a protocol, to work on top of existing blockchain networks, allowing for faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain.”<\/p>\n

After a rocky start, Shiba Inu declared the long-awaited Shibarium Bridge fully functional on August 28, 2023. “Bridging” is the act of moving funds from a Layer-1 to a Layer-2. The term Layer-1 refers to underlying blockchain protocol, in this case Ethereum. Layer-2, meanwhile, is the third-party protocol built on top, such as Shibarium.<\/p>\n

Within two days, the number of daily transactions doubled<\/a> and the number of wallet addresses went from just over 100,000 to 330,000+.<\/p>\n

Shibarium was launched on August 16, but the following day, transactions were sluggish for 11 hours, with some\u00a0$1.7 million worth of\u00a0Ethereum<\/a> stuck in the bridge between the Ethereum and Shibarium networks.<\/p>\n

With a focus on metaverse<\/a><\/span> and gaming applications, as well as serving as a cost-effective settlement option for DeFi<\/a><\/span> applications, Shibarium is looking to showcase the potential of the Shiba Inu project beyond its origins as a meme coin,<\/a> i.e. Dogecoin<\/a><\/span> (DOGE).<\/p>\n

Shibarium is designed to enable faster and easier access to its much-touted Shib: The Metaverse,<\/a> which the company says will launch at the end of 2023.<\/p>\n

The platform recently underwent an extensive testing period, which saw a reported 21 million users and, as the developers told Decrypt <\/i>earlier, \u201csub-fractional transactions cost compared to Polygon and instant speeds.\u201d<\/p>\n

The news of the successful Shibarium Bridge had little effect on the value of SHIB. At the time of writing, the Shiba Inu coin was trading at<\/a> $0.00000825 itself, up from $0.00000803 48 hours prior, amounting to a paltry +2.74%. $BONE, launched by Shiba Inu in July 2021, is the native token within the Shibarium protocol. It too, was unaffected by the news. During the same 48-hour period, the value of the Bone Shibaswap dropped from $1.29 to $1.27.<\/p>\n

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Shibarium is an Ethereum layer-2 network backed by Shiba Inu’s SHIB tokens and built atop the Ethereum blockchain. This layer, according to the Shiba Inu Ecosystem blog, “aims, as a protocol, to work on top of existing blockchain networks, allowing for faster, cheaper, and more private transactions to be processed off-chain, while still relying on […]<\/p>\n","protected":false},"author":2,"featured_media":144635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-144634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=144634"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144634\/revisions"}],"predecessor-version":[{"id":145923,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144634\/revisions\/145923"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/144635"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=144634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=144634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=144634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}