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How Shiba Inu Would Benefit from the Shibarium Bridge Upgrade

2024-06-13 09:21:03

For Shiba Inu enthusiasts, here's what you need to know about the latest bridge upgrade!

The Shibarium Bridge Upgrade, which occurred in late May 2024, has significantly reduced the transfer times between Shibarium and Ethereum from 7 days to just 45 minutes. This has generated considerable excitement in the Shiba ecosystem.

In the following, we'll demystify technical questions such as "What is Shibarium?" and "What's the Shibarium Bridge update?" Additionally, we'll discuss meme coins you should add to your "Shiba Watchlist" to stay abreast of the latest news!

Highlights:

  • Shibarium cuts the bridging time from 7 days to 45 minutes after its upgrade.
  • It greatly speeds up the asset transfer between the Ethereum mainnet and the Shibarium Layer 2 solution.
  • Shibarium's TVL saw a 17% increase following the upgrade, with major meme coins like SHIB and DOGE pullbacks.

Shibarium Bridge Upgrade Cuts Bridging Time from 7 Days to 45 minutes

The Shibarium team announced the updated news about a reduction in bridge time. Originally, the initial 7-day delay design aimed to encourage a longer stay of tokens on Layer 2 and stabilize the prices of Shibarium tokens. However, the recent update has shortened the bridging time and improved user friendliness and efficiency, which has truly changed the game of SHIB.

Notably, the new system operates on a checkpoint mechanism for BONE token withdrawals, allowing quicker and more agile transactions. Users can now react instantly to market changes, allowing them to benefit from time-sensitive investment plans.

What Is Shiba Inu (SHIB)?

But before diving deeper into Shibarium, let’s go back to the basic question: What is the Shiba Inu cryptocurrency (SHIB)?

The Shiba Inu cryptocurrency, known as SHIB and inspired by the Shiba Inu dog breed, is a unique digital asset in the crypto market. Its community-driven model and passionate community, always advocating for the Shiba Inu token (SHIB), make it stand out.

ShibaSwap’s launch, when the meme coin becomes more than a meme coin

Originally a decentralized experiment, the Shiba Inu project quickly gained recognition as a Dogecoin rival. But the launch of ShibaSwap, a decentralized exchange platform, was a key milestone, offering trading, staking, and yield farming, moving beyond its initial meme-based currency image.

Shiba Eternity, a metaverse where AR and crypto meet

"Shiba Eternity," a metaverse blending virtual reality with blockchain, is central to Shiba Inu’s ecosystem. A removed blog post hinted at a virtual world for token holders to engage in and partake in immersive experiences. Despite unclear specifics, this highlights the project's aim to surpass traditional cryptocurrencies and pioneer new engagement methods within the Shiba Inu universe.

With projects like Shiba Eternity and ShibaSwap, Shiba Inu is creating a niche with unique experiences for its dedicated community.

What Is Shibarium?

Shibarium is a Layer-2 blockchain launched on August 16, 2023, that enhances the Shiba Inu cryptocurrency ecosystem with improved scalability, lower costs, and a seamless user experience. Using the Proof-of-Participation (PoP) consensus algorithm, it validates transactions efficiently and ensures robust security.

Shibarium's aim is to facilitate a more user-friendly blockchain experience, marking a crucial step in the Shiba Inu ecosystem's growth.

How Does Shibarium Work? Why Does Shibarium Need an Update?

Shibarium has been built on the Ethereum network with the intention of addressing its scalability issues while leveraging its security. As a layer 2 solution, Shibarium operates atop the existing Ethereum blockchain, intending to streamline transaction speeds and reduce costs, issues often encountered in conventional blockchain systems. 

What is bridging? And how does it work?

Bridging in blockchain technology refers to the process of moving tokens or data from one blockchain to another. It is a crucial aspect of ensuring interoperability between different blockchain networks.

In the context of Shibarium, bridging refers to the transfer of assets between the Ethereum mainnet and the Shibarium Layer 2 solution.

The benefits of Shibarium as a Layer 2 solution

Shibarium offers a sizable boost to blockchain efficiency and scalability by functioning as a Layer 2 (L2) solution to strengthen the performance of existing blockchain networks by increasing speed and capacity. And you can expect the following perks of Shibarium as a Layer 2 solution:

  • Faster asset management: Users can now quickly manage SHIB and BONE tokens, reacting to market changes in real-time.
  • Improved user experience: The upgrade enhances the user experience, especially for those in time-sensitive activities.
  • Increased participation: Faster transactions may attract more developers and users, fostering innovation and participation.
  • Smoother governance: Efficient asset movement aids swift participation in Shiba Inu’s governance.

How Does Bridging Help the Interoperability of Currencies?

Shiba Inu's decentralized exchange, ShibaSwap, has taken a significant step forward by migrating from Ethereum to Shibarium, introducing new DeFi features and opportunities with easier access.

This move is a key part of the Shiba Inu ecosystem's wider strategy. Shibarium supports various components, including $SHIB and LEASH tokens, SHIBOSHI NFTs, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game. This change marks a crucial point in the ecosystem’s evolution, opening the door for increased community participation and innovation.

Shiba Inu’s Recent Price Movement: Does the Upgrade News Help?

Shiba Inu (SHIB) is currently in the top 20th range by market capitalization (as of June 2024). SHIB’s price has risen by 9.2% over the month, peaking at 0.00002871 USD.

Following the bridge upgrade, Shibarium's TVL (Total Value Locked) saw a 17% increase. The BONE token's trading volume rose by 15% as a result of the shorter transfer time.

Major meme coins, including SHIB and DOGE, have experienced some pullbacks after recent surges. Regulatory scrutiny and scam concerns may be dampening the meme coin market.

Where Can I buy Shibarium, Shiba Inu, and SHIB Meme Coins?

Shibarium is home to a variety of crypto coins, each with specific types and utilities within the Shiba Inu ecosystem. Here’s a breakdown of the main tokens:

  • SHIB: The native token of the Shiba Inu ecosystem. Primarily used for payments, SHIB is also set to be burned after transactions on Shibarium, which helps decrease its total supply over time.
  • BONE: This governance token allows holders to vote on important proposals within the Shiba Inu ecosystem. Additionally, BONE serves as a utility token for paying gas fees (transaction fees) on Shibarium, playing a crucial role in the network’s operations.
  • TREAT: A multifunctional token used to provide liquidity to the SHI stablecoin and replace BONE as the reward token on ShibaSwap. TREAT’s versatility makes it integral to various aspects of the ecosystem.
  • LEASH: Also known as the “Dogecoin Killer,” LEASH is a token with a fixed supply. Originally intended as a DeFi rebased ERC-20 token to stabilize its value algorithmically, LEASH is now utilized by the community as a utility token.
  • SHI: The stablecoin of the Shiba Inu ecosystem, designed to maintain a stable value and facilitate transactions within the network. SHI provides a reliable means of value transfer and supports various financial activities.

As a smart crypto investor, you should always do your own research before making any decisions. You may find more information and buy SHIB or other Shiba Inu cryptocurrencies here. Also, if you are a new user, make sure to give the CoinEx Newbie rewards a look; an up to 100 USDT pocket is ready for you.

Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.

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