Amidst a lack of bullish cues in the market, SHIB rose by almost 6% over the past day, pushing its monthly gains to nearly 12%. This surge can be attributed to the recent launch of the Shibarium Beta Bridge for public testing. The Shibarium Beta Bridge is a crucial part of the Shiba Inu project’s ambitious roadmap to become a complete ecosystem.
The team behind SHIB announced the release of the Shibarium Bridge beta version, allowing users to transfer tokens between the two networks. Initially, the bridge will enable users to transfer testnet ether tokens to the layer-2 network, with each transfer expected to take a maximum of up to 30 minutes. This bridge is also compatible with the ERC-20 token standard and focuses on enhancing scalability.
The launch of Shibarium Beta Bridge has generated excitement in the community, especially after developer Shytoshi Kusama revealed that Shibarium is scheduled to go live after a Toronto conference in August. While previous concerns about Shibarium’s code led to a decline in SHIB’s value in March, the recent updates regarding the layer-2 solution have sparked several minor rallies.
Shibarium is considered crucial for SHIB to compete with more serious contenders in the Web3 space. The addition of layer-2 functionality aims to increase throughput and transaction speed, attracting more users to the project. Shibarium will leverage four tokens, namely BONE, TREAT, SHIB, and LEASH, to develop applications on top of its blockchain.
Overall, the launch of Shibarium Beta Bridge for public testing brings SHIB one step closer to its layer-2 launch. The project’s roadmap and commitment to enhancing scalability and usability position it as a significant player in the crypto space. Investors and enthusiasts will be closely watching Shibarium’s progress as it aims to transform the Shiba Inu project into a complete ecosystem.
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