Shibarium's Mainnet Goes Live, Boasting Over 21M Wallets From Its Testnet Phase

The Shiba Inu SHIB/USD ecosystem, anchored on the Ethereum ETH/USD blockchain, launched its Ethereum Layer 2 blockchain, Shibarium, at the Blockchain Futurist Conference in Toronto.

This development followed the successful testnet phase in which Shibarium recorded more than 21 million user wallets, a Wednesday release stated.

Shibarium is designed to be the foundational layer for the Shiba Inu state, emphasizing the principles of decentralization, interoperability and user-centric design.

The mainnet's introduction aims to address the challenges of transaction speed and high gas fees prevalent in the blockchain space, the company added.

Shytoshi Kusama, the lead developer of Shiba Inu, highlighted the importance of community and decentralization in the blockchain landscape.

He noted Shibarium's approach is distinct, aiming to integrate these principles more holistically than many of its counterparts.

The blockchain operates on the proof of stake (POS) consensus mechanism, emphasizing community participation and environmental sustainability.

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Validators, who ensure the system's smooth operation and security, and delegators, who support these validators, are integral components of this infrastructure. In return for their contributions, they are rewarded with the BONE BONE/USD governance token.

It further said Shibarium also prioritizes user privacy, with plans to integrate self-sovereign identity (SSI) into its protocols.

This feature will give users greater control over their digital identities without relying on third parties.

With the mainnet now live, Shibarium is set to enhance various facets of the Shiba Inu ecosystem, including its native tokens and upcoming community projects.

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