The Shiba Inu team confirmed that the Shibarium Public Beta TestNet is set to be launched soon. According to the latest blog, the Public TestNet is nearing completion and could be released anytime. In this article, we will highlight complete and in-depth details about how the Shibarium layer-2 network functions in the SHIB ecosystem.
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1. Shiba Inu: What Is Shibarium?
Shibarium is Shiba Inu’s layer-2 network that runs on top of the Ethereum blockchain. The L2 network aims to reduce gas fees considerably while transacting by providing faster transaction times. Unification is the firm that’s building the network and will remain decentralized to maintain the security of its users.
2. What Is Shibarium’s Transaction Speed?
Shibarium’s transactions per second (TPS) are not disclosed in the latest blog published by the team. The TPS can only be evaluated during the TestNet launch for optimization. However, the TPS range can be compared to other established networks with similar specifications and cannot be compared to L1 networks.
3. What Is The Gas Fees For Shibarium?
Gas fee (transaction and usage cost) is not disclosed in the latest blog either. However, the gas fees are expected to be lower than the layer-1 blockchains such as Ethereum, which Shibraium runs on. Previous reports state that gas fees could be as low as $0.01, but we’ll know only when the L2 solution is functional.
4. What Is Shibarium’s Native & Governing Token?
Bone is Shibarium’s native and governing token that will be used as gas to initiate transactions on the network. Therefore, Bone plays an important part in the L2 network and will be the key to the smooth functioning of Shibarium. Validators and delegators on the network will also be paid via Bone as a reward for their work in approving transactions.
Read here to know more details about why Shibarium is important to the SHIB token’s growth and prospects.
At press time, Shiba Inu was trading at $0.00001046 and is down 2.2% in the 24 hours day trade. SHIB is also down 87.9% from its all-time high of $0.00008616, which it reached in October 2021.