Layer 2 technology refers to a collection of off-chain systems, comprising separate blockchains built on layer 1 protocols, which effectively address scalability and data bottlenecks. These systems bundle numerous off-chain transactions into a single layer 1 transaction, thereby reducing data load and fees.
Kusama stated, “During the conference, we will exhibit the completed Worldpaper, publish all Shib branded projects, and provide a detailed presentation of Treat for the first time. Furthermore, there is a strong likelihood that we will also discuss and release the long-awaited L2 Shibarium.”
The introduction of DoggyDAO, a decentralized autonomous organization governed by token holders, is set to coincide with the launch and will serve as a funding mechanism for projects built on Shibarium.
Shibarium’s Release to Showcase Worldpaper Exhibition, Shib Branded Projects, and Introduction of DoggyDAO
Shibarium’s testnet, a blockchain used for testing purposes, has witnessed substantial activity in recent months, with approximately 20 million transactions originating from an estimated 16 million wallets as of June. This significant activity on the Shibarium testnet highlights the demand for the network. Developers have previously emphasized Shibarium’s focus on metaverse and gaming applications, particularly given the expected growth in the non-fungible token (NFT) sector in the coming years.
The launch of Shibarium has the potential to strengthen the fundamentals of Shiba Inu (SHIB), a meme coin with Shiba Inu-themed origins that has aimed to establish itself as a serious project with its own blockchain network and decentralized application (dapp) ecosystem, emerging during the previous bull market.