The completed Worldpaper will be exhibited, all Shib branded projects will be published and Treat will be published in detail for the first time, said Shytoshi Kusama, developer of the much-awaited layer 2 blockchain Shibarium. In addition, it is very likely that we will also discuss and release the long-awaited L2 Shibarium at the Toronto conference in August.
The layer 2 blockchain is a set of off-chain systems built on top of layer 1 protocols that reduce bottlenecks with scaling and data. These bundle multiple off-chain transactions into a single layer 1 transaction, which helps reduce the data load and fees. At the time of launch, DoggyDAO, a decentralized autonomous organization (DAO) run and governed by token holders, will be introduced to fund projects building on Shibarium.
The Shibarium testnet has seen meaningful activity in the past months with 20 million transactions from an estimated 16 million wallets as of June. This indicates a high demand for the network, which is expected to focus on metaverse and gaming applications, especially as the non-fungible token (NFT) sector is expected to heat up in the coming years.
The launch of Shibarium could contribute to strong fundamentals for shiba inu (SHIB), a Shiba Inu-themed meme coin that has since tried to position itself as a serious project with its own blockchain network and dapp ecosystem. In the past 24 hours, SHIB tokens slid 5% in line with a broader drop in major tokens, while bone (BONE) and leash (LEASH) tokens rose 4.5% and 2%, respectively.