Shiba Inu Prepares for Layer 2 Network Launch with Live Bridge to Ethereum July 31, 2023 July 31, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 31, 2023 by Kelly Cromley

Shiba Inu Prepares for Layer 2 Network Launch with Live Bridge to Ethereum

The development team behind Shibarium, the layer 2 blockchain of Shiba Inu, has made notable advancements by introducing a bridge that enables public testing between Shibarium and Ethereum. The establishment of this connectivity will enable smooth token transfers between the two networks, ensuring a maximum transfer duration of 30 minutes.

As of the most recent update, it should be noted that the bridge does not currently offer support for real assets. Shibarium-Ethereum, a novel blockchain solution, is anticipated to leverage multiple tokens within the Shiba Inu ecosystem, namely Shib, Bone, Treat, and Leash. This is expected to enhance the demand for these tokens by fostering the development of projects within the ecosystem.

Layer 2 networks are specifically developed to improve scalability and address challenges such as network latency. These networks effectively support the operations of initial layer 1 projects. By consolidating multiple transactions into a single entity, these blockchains effectively mitigate the burden of data load and associated costs for users.

Shib DoggyDAO, a decentralized organization operated by the Shiba Inu community, is poised to offer robust support to Shibarium by providing financial backing for various blockchain applications.

The blockchain solution Shibarium, designed as a Layer 2 solution for the Shiba Inu network, has undergone a thorough preparation for its upcoming launch. The Beta testnet, known as Puppynet, has demonstrated remarkable performance since its introduction on March 11, 2023. As of July 28th, Puppynet has recorded a significant number of transactions, surpassing 33 million in total. Additionally, it proudly showcases a substantial count of over 1.88 million blocks. Notably, the average block time stands at an impressive 5 seconds. The network has garnered a significant user base, with more than 17.06 million wallet addresses being registered.

The recent accomplishments have had a favorable influence on the price movement of Shiba Inu, as evidenced by a substantial 10% surge in SHIB’s value over the course of the last 30 days. SHIB, with a market capitalization of $4.61 billion, is presently positioned as the sixteenth most prominent crypto token. Notably, it has surpassed Avalanche (AVAX) and Dai (DAI) in terms of ranking. As of 7:20 EST, the trading price of SHIB stands at $0.000007826. This reflects a marginal decline of 0.69% over the past 24 hours, while demonstrating a notable increase of 0.80% over the previous 7-day period.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.