Shiba Inu became an alternative to another famous Dogecoin token. The developers of Shiba Inu set themselves the task to prove to the cryptocurrency community that meme tokens can be not only funny and amusing, but also have practical value.
The main task of the Shiba Inu team was to create a really useful product and they decided not to stop at that, constantly developing the project and publishing about system updates.
To improve the network's performance and scalability, a beta version of the Layer 2 network - Shibarium L2, is being released, which will run on top of the main Ethereum network.
In the announcement, SHIB developers disclosed information about the Layer 2 blockchain. They said that Shibarium is being developed to provide better tools for the community to create and develop the project and to make it more convenient for end users.
Many experts believe that the creation of Shibarium is a way to increase the price of memecoins, based on the usefulness of the blockchain. The developers themselves said that increasing the price of the token is not their ultimate goal.
According to them, the goal of the new upgrade is in its infrastructure. The coin's team set out to "revolutionize the Shiba ecosystem" by removing barriers to entry for small transactions, increasing speed, allowing the development of decentralized applications and integrating NFTs.
A key update in the new announcement is one of the project's most wanted features, which is a burning mechanism for SHIB. According to the developers, “all transactions on the network will have an implicit burn amount for the SHIB token.“ This mechanism will be triggered whenever a transaction is made within the network.
SHIB is a deflationary token in nature. The number of tokens in circulation determines the price of the token and the burning mechanism allows this price to be adjusted, ensuring the stability of the entire system.
At a time of high rate of inflation in the global economy, which almost all countries around the world are struggling with, the issue of regulating the number of coins circulation is also very relevant.
Members of the Shiba Inu community have expressed their admiration for the new development. Some feel that there is a lot to look forward to in the future of the ecosystem, while others are just excited to hear about a new update to the project.
The crypto community is very sensitive to information about the development of the project's ecosystem and it is very important for coin holders to know that developers are not leaving it behind and making it better.
The World Economic Forum (WEF) invited Shiba Inu to cooperate in creating a global policy on the metaverse. As part of this collaboration, the project will work with other tech giants such as Facebook and Decentraland to help WEF develop policy.