Shibarium Beta Bridge Launches for Public Testing as Layer-2 Deployment Approaches

In the absence of strong bullish signals in the market, SHIB experienced an increase of nearly 6% over the last 24 hours, bringing its monthly increase to almost 12%.

The rise of the meme coin is linked to the launch of the Shibarium Beta Bridge, which became available for public testing this week. This initiative is part of an ambitious plan aimed at evolving the Shiba Inu project into a comprehensive ecosystem.

• The SHIB development team announced the beta version of the Shibarium Bridge for public testing, enabling users to transfer tokens between the two networks.
• At first, the bridge will allow users to move testnet ether tokens to the layer-2 network, with each transfer anticipated to take a maximum of 30 minutes.
• The bridge is designed to be compatible with the ERC-20 token standard and emphasizes improving scalability.
• This development follows weeks after developer Shytoshi Kusama indicated that Shibarium is expected to launch after a conference in Toronto in August this year.
• Updates regarding the highly awaited layer-2 have triggered several minor price increases, although concerns about the Shibarium code significantly impacted SHIB’s value in March.
• Nonetheless, Shibarium is considered essential for the meme coin to position itself among more serious players in the Web3 arena. The introduction of layer-2 is specifically intended to enhance throughput, enabling the project to accommodate substantial growth. An increase in transaction speed could draw in more users.
• Shibarium will utilize four tokens, namely, BONE, TREAT, SHIB, and LEASH, for applications developed on the blockchain.

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