{"id":216968,"date":"2023-12-21T23:05:01","date_gmt":"2023-12-21T17:35:01","guid":{"rendered":"https:\/\/dripp.zone\/news\/shibarium-gets-new-polygon-backed-rival-crypto-news\/"},"modified":"2023-12-21T23:05:04","modified_gmt":"2023-12-21T17:35:04","slug":"shibarium-gets-new-polygon-backed-rival-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shibarium-gets-new-polygon-backed-rival-crypto-news\/","title":{"rendered":"Shibarium Gets New Polygon-Backed Rival – Crypto News"},"content":{"rendered":"

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Shiba Inu\u2019s Layer-2 scaling solution Shibarium has a new rival dubbed ShibChain, a protocol backed by Polygon.<\/span><\/p>\n

ShibChain Built on Polygon CDK<\/strong><\/h2>\n

ShibChain is an Ethereum L2 protocol built on Polygon\u2019s Chain Development Kit (CDK) framework. Ordinarily, the expectation would have been for the protocol to be launched on Ethereum but it looks like Polygon is the blockchain of choice. Plus, Polygon CDK has been gaining attention in recent times owing to its advanced developer technology.\u00a0<\/span><\/p>\n

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A few weeks ago, Indian e-commerce giant Flipkart hinted at plans<\/a><\/span>\u00a0to integrate the Polygon CDK-deployed Layer 2 chain to boost its Web3.0 loyalty program, dubbed\u00a0FireDrops. The Polygon blockchain is also putting effort into expanding the solution.\u00a0<\/span><\/p>\n

In light of this growth vision, Polygon announced <\/a><\/span>its decision to cease contributions to the Edge framework, also known as Supernets but rather to focus its attention on its CDK.<\/span><\/p>\n

Polygon attributed the pivot to the evolving needs in the landscape of blockchain technology, a move that has now attracted the likes of ShibChain.\u00a0<\/span><\/p>\n

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SHIB to Power ShibChain<\/strong><\/h2>\n

According to ShibChain\u2019s posts on the X app, the newly launched blockchain will utilize Shiba Inu\u2019s native token SHIB for its gas fees. This is a crucial shift from Shibarium which uses<\/a><\/span> Bone ShibaSwap (BONE) as its gas fee. Moreover, with the ShibChain network, members of the ShibArmy get to spend their Shiba Inu token on games, Non-fungible tokens (NFTs), and Decentralized Finance (DeFi)<\/span><\/p>\n

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Overall, SHIB is the main currency of all the applications on the ShibChain protocol. The network sees this as a means of bringing more utility to the SHIB ecosystem. For every transaction carried out on the new protocol, only 300 SHIB will be charged, this is worth approximately $0.03. ShibChain claims that these transactions will be performed at 2000 Transactions Per Second (TPS).<\/span><\/p>\n

With this TPS, ShibChain plans to make these transactions smooth and efficient to play, swap, and explore the entire ecosystem.\u00a0<\/span><\/p>\n

\u201cLong-term value thrives on genuine use, not just burns. ShibChain creates a genuine demand for $SHIB with real-world applications. Help drive global adoption to $SHIB & ShibChain with our community-powered movement,\u201d the ShibChain post stated.<\/span><\/p>\n

The utilization of SHIB on ShibChain is unlike what is seen on Shibarium. Based on this precedent, every development on Shiba Inu generally stirs positive responses<\/a><\/span>\u00a0in its affiliated chains and ShibChain might be no exception.<\/span><\/p>\n

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