Team behind shiba inu (shib) announced the upcoming beta release of shibarium, a layer-2 network that will operate on top of ethereum. shibarium is set to minimize costs and increase transaction speeds, and will be operated and secured via validators and delegators that stake their tokens to receive rewards in the form of bone and treat tokens. a new shib burning mechanism will replace the previous burn portal, incentivizing users to burn their shib tokens.
Exact date of the testnet launch was not specified in the announcement. all transactions on the shibarium network will be required to burn an amount of shib, putting deflationary pressure on the total shib supply. the mainnet launch will include the integration of shibaswap, which will be moved to the network to improve the liquidity pools and their curves to attract more liquidity.
New shib burning mechanism incentivizes users to burn their shib tokens, with rewards for validators and delegators coming in the form of bone and treat tokens. it is unclear how exactly the treat token will be used, as the shiba inu team did not immediately respond to decrypt’s request for comment. shib jumped 2.5% over the last day, and a whopping 20% amid the wider crypto market’s rally. the exact number of transactions per second has not yet been disclosed.