Tag: SHIBARIUM

Shiba Inu Lucie Addresses Key Questions Around SHIB and Rug Pull

by Blockchain News

In a series of tweets today, Lucie of Shibarium, a prominent figure within the Shiba Inu community, addressed various concerns and provided clarifications about the project’s direction. The tweets, which garnered significant attention, emphasized the project’s commitment to transparency and its dedication to building a sustainable ecosystem.

Lucie highlighted several resources for the community to refer to for accurate information:

* The upcoming update to the Shibarium Technical Documentation.

* The official Shib blog.

* The abridged version of The Shib Paper.

Lucie highlighted the active development of Decentralized Autonomous Organizations (DAOs) in the ecosystem. When these DAOs become functional, they will empower community members to suggest and cast votes on different issues, bolstering the project’s decentralized nature.

Reiterating the project’s commitment, Lucie stated,

We are committed to transparency, and no information is being hidden.

She also emphasized the importance of understanding the project’s plan in its entirety.

Addressing the topic of token burns, Lucie acknowledged that while the burns might appear minimal, they have been executed. The overarching goal, she noted, is to

onboard millions of people who will create games, use the metaverse, and engage with other DApps with MINIMUM cost.

Lucie also cautioned the community against misinformation and urged them to be wary of individuals with malicious intentions. Referring to past incidents, she mentioned certain YouTubers who spread negativity about Shibarium and later engaged in deceptive practices like executing rug pulls.

Recently, Shiba Inu faced numerous questions from fans due to the plunge in SHIB’s price. As reported by Blockchain.News, Shiba Inu‘s cryptocurrency, SHIB, saw a 36% price drop after an initial surge during the “Summer of Shibarium.” The summer campaign, announced on July 15, promised significant updates, including the launch of Shibarium, a Layer 2 blockchain solution. After the announcement, SHIB’s price rose by 50%, but it soon declined, correlating with a 13% drop in Bitcoin’s value. On SHIB’s peak day, its 24-hour trading volume on Binance increased by over 100%. As Bitcoin traditionally underperforms in September, SHIB’s future remains uncertain. The summer’s events highlight the need for investor caution and strategic selling decisions.

In a concluding tweet, Lucie responded to critics who had previously claimed that Shibarium did not exist. She emphasized the active use of Shibarium and the project’s plans for its extensive utilization in the future, hinting at initiatives like Shiba Eternity, Shib the Metaverse, and Shibahub.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Shib Inu Shibarium Introduces Wrapped BONE and Hosted Blockscout Explorer

by Blockchain News

Shib Inu’s Shibarium, a Layer 2 (L2) blockchain network, recently celebrated a significant milestone of reaching 1 million wallets and is on the brink of achieving 1 million transactions, as reported by Blockchain.News.

The network has also launched its hosted version of the Blockscout explorer and expanded its token bridge to include multiple tokens like USDT, USDC, DAI, WBTC, and XFUND.

Shibarium Hits 1 Million Wallets

Shibarium, a Layer 2 blockchain network, has reached a milestone of 1 million wallets, according to an update by Shiba Inu developer Kaal Dhairya on September 3, 2023. The network aims to maintain its status as one of the fastest and most cost-effective L2 solutions. While some users have expressed discontent over the low gas fees, the network views it as a strength.

Blockscout Explorer Now Available

Shibarium has introduced a hosted version of the Blockscout explorer, available on Shibariumscan. The move allows the protocol team to focus on network upgrades. The Blockscout team will ensure the explorer remains operational and the blockchain is fully indexed. Users are encouraged to “Do Your Own Research” (DYOR) and verify contracts using the Blockscout contract verification system.

Token Bridge Expansion

Shibarium has expanded its token bridge to include additional tokens. The newly mapped tokens are as follows:

USDT: 0xaB082b8ad96c7f47ED70ED971Ce2116469954cFB

USDC: 0xf010f12dcA0b96D2d6685bf4dB3dbB4Ad500B6Ad

DAI: 0x0726959d22361B79e4D50A5D157b044A83eC870d

WBTC: 0xE984D89fb00D0B44E798A55dc41EA598B0b0899d

XFUND: 0x89dc93C6c12CaE47aCAf4aD9305d7A442C30dBB2

Wrapped BONE Contract Verified

The Wrapped BONE (WBONE) contract has been verified and is available for public scrutiny. The contract address is 0xC76F4c819D820369Fb2d7C1531aB3Bb18e6fE8d8.

Future Plans

Shibarium plans to renounce the Bone contract within the week and will add more validators to the network. The platform encourages developers to build on top of Shibarium, aiming for the next big innovation to be founded on their network.

Conclusion

Shibarium’s milestone of 1 million wallets and imminent 1 million transactions mark it as a growing force in the Layer 2 blockchain space. With the introduction of the Blockscout explorer and the expansion of its token bridge, Shibarium is not just scaling but also providing tools for transparency and interoperability. As it moves forward, the network aims to foster innovation and empower its community to lead a self-sovereign life.

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Shiba Inu Shibarium Wallets Top 1 Million, Yet SHIB Price Faces Uncertainty

by Blockchain News

Key Takeaways

Shibarium, Shiba Inu’s Layer 2 network, crosses 1 million wallet addresses.

Over 700,000 transactions have been completed on the network.

Despite rapid adoption, the SHIB token faces potential price volatility.

Shiba Inu’s Layer 2 network, Shibarium, has crossed a significant threshold, boasting over 1 million wallet addresses and completing more than 770,000 transactions as of September 2, 2023. The data comes from Shibariumscan, the Shibarium network’s official block explorer. The milestone follows an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, confirming that the Shibarium mainnet and its cross-chain bridges became fully operational on August 28, 2023.

Shibarium’s Strategy with Scalability Concern

Shibarium, a fork of Polygon, initially grappled with scalability issues. The network’s fail-safe mode was activated due to an unprecedented surge in user activity shortly after its launch. “Nearly half of the platform’s monthly allocation of 400 million compute units was consumed within just 30 minutes of its launch,” according to internal data. However, collaborations with teams like Alchemy led to a 1500% scaling of operations, stabilizing the network’s ability to handle its growing user base.

Shytoshi Kusama stated on August 28 that the Shibarium mainnet and its cross-chain bridges are “functioning smoothly.” Users can now complete withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. However, withdrawals involving Bone, the network’s native token, may take up to 7 days.

The Layer 2 network aims to alleviate congestion and high fees on the Ethereum mainnet. Shibarium’s rapid adoption is in line with the growing trend of Layer 2 solutions in the crypto space, which offer scalability and lower transaction costs. These features are particularly beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs).

4-Hour Chart: 99-Period Moving Average as a Strong Resistance

While this suggests a promising future for the network, the $SHIB token is grappling with its own set of challenges, particularly in terms of price stability.

In the shorter time frame of the 4-hour chart, the 99-period Moving Average stands out as a formidable resistance line for $SHIB. This technical indicator has consistently acted as a ceiling for the token’s price, making it a critical level to watch for traders. The overall market environment appears permissive, indicating that there’s a likelihood for the price to decline further. Investors should exercise caution as the asset nears this resistance, as a failure to break above could signal a bearish trend.

Daily Chart: Upward Trending Line Offers Robust Support

On the flip side, the daily chart offers a more optimistic outlook. An upward trending line, currently pegged at a price of 0.0000077, serves as a robust support level for $SHIB. This line has historically acted as a floor for the token’s price, providing a safety net during market downturns. It is crucial for investors to monitor this level closely; a break below it could trigger a significant price drop, potentially leading to a deep plunge in $SHIB’s market value.

Conclusion

The $SHIB token is currently navigating a complex technical landscape, caught between a strong resistance level on the 4-hour chart and a crucial support level on the daily chart. As Shibarium continues to grow, the token’s price dynamics remain uncertain. Both the 99-period Moving Average and the upward trending line at 0.0000077 are key technical levels that could dictate the token’s future price action. Investors and traders should keep a close eye on these indicators to make informed decisions.

TA with support from “Trade Wise“.

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Shiba Inu’s Shibarium Hits 600k Wallets and 700k Transactions

by Blockchain News

Shiba Inu’s Layer 2 network, Shibarium, has reached new milestones, boasting 634,438 wallet addresses and 698,607 transactions, according to updated data from Shibariumscan. This comes after Shiba Inu’s lead developer, Shytoshi Kusama, confirmed the full operational status of Shibarium’s mainnet and cross-chain bridges on August 28, 2023.

Updated Metrics

Average block time: 5.1 seconds

Total transactions: 698,607

Total blocks: 400,115

Wallet addresses: 634,438

Overcoming Initial Hurdles

Shibarium, initially a Polygon fork, faced technical challenges due to a surge in user activity. Collaborations with teams like Alchemy led to a 1500% scaling of operations, overcoming the initial hurdles.

Mainnet and Cross-Chain Functionality

Shytoshi Kusama stated that the mainnet and cross-chain bridges are “functioning smoothly.” Asset withdrawals, including ETH, Shib, Leash, and WEth, now occur within 45 minutes to 3 hours, although Bone token withdrawals may take up to 7 days.

User Adoption and Market Trends

The Layer 2 network aims to alleviate Ethereum’s congestion and high fees. The updated data indicates a rapidly growing user base, aligning with the rising trend of Layer 2 solutions in the crypto space.

Implications for Shiba Inu

The milestones could attract more developers to Shibarium, enhancing its utility and value proposition, and moving Shiba Inu beyond its meme coin status.

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Shibarium Wallets Surge 200% to 306K in One Day: Limited Impact on Shiba Inu ($SHIB) Price

by Blockchain News

Shiba Inu’s Layer 2 network, Shibarium, has witnessed an explosive growth in wallet addresses, reaching 306,205 as the time of writing. This marks a staggering 200% increase from just over 100,000 wallet addresses reported yesterday. The network has also processed 524,559 transactions and mined 368,891 blocks, according to the latest data from Shibariumscan.

A Meteoric Rise Following Operational Mainnet

Just yesterday, Shibarium reported crossing the 100,000 wallet address milestone, along with completing over 445,000 transactions. This data was confirmed by Shibariumscan, the network’s block explorer. The surge in activity comes on the heels of an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, who stated that Shibarium’s mainnet and cross-chain bridges became fully operational as of August 28, 2023.

Overcoming Initial Hurdles

Shibarium, a fork of Polygon, initially encountered technical difficulties due to an unexpected spike in user activity. The network’s fail-safe mode was activated to safeguard users’ funds. Within the first 30 minutes of its launch, nearly half of the platform’s monthly allocation of 400 million compute units was consumed. However, partnerships with entities like Alchemy led to a 1500% scaling of operations, ensuring the network’s ability to accommodate its rapidly expanding user base.

Functionality and User Experience

As per Shytoshi Kusama’s statement on August 28, the Shibarium mainnet and its cross-chain bridges are now fully functional. Users can execute withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. Withdrawals involving the network’s native token, Bone, may take up to 7 days.

The Layer 2 Advantage

The Layer 2 network aims to mitigate the congestion and high transaction fees associated with the Ethereum mainnet. Layer 2 solutions are increasingly popular in the crypto space, offering scalability and lower transaction costs, which are beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs).

Implications for the Shiba Inu Ecosystem

Shibarium’s rapid adoption could potentially attract more developers to its platform, thereby enhancing its utility and value proposition. The Shiba Inu ecosystem, initially known for its meme cryptocurrency status, is evolving to include faster and more cost-effective transaction options through Shibarium.

The Limited Impact on Shiba Inu ($SHIB) Price Despite Shibarium’s Growth

Despite the positive news of a surge in Shibarium’s wallet addresses, the price of Shiba Inu ($SHIB) has only increased by 2.5% over the last 24 hours. This modest gain lags behind Bitcoin, which saw a 6% uptick in the same period, driven by news of Grayscale’s legal victory over the Securities and Exchange Commission (SEC).

Conclusion

The exponential growth in Shibarium’s wallet addresses and transactions signifies a robust user engagement and adds another layer of utility to the Shiba Inu ecosystem. As Layer 2 solutions continue to gain traction, Shibarium’s recent milestones could serve as a bellwether for the broader adoption of scalable blockchain networks.

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Shiba Inu Shibarium’s Wallets Top 100,000 as Transactions Exceed 445,000

by Blockchain News

Shiba Inu’s Ethereum Layer 2 network, Shibarium, has reached a significant milestone, crossing 100,000 wallet addresses and completing over 445,000 transactions, according to data from Shibariumscan, the network’s block explorer. This comes after an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, who confirmed that Shibarium’s mainnet and cross-chain bridges are fully operational as of August 28, 2023.

A Rocky Start to a Promising Journey

Shibarium, a fork of Polygon, initially faced technical challenges due to an unprecedented surge in user activity shortly after its launch. The system’s fail-safe mode was triggered to ensure the safety and security of funds. Nearly half of the platform’s monthly allocation of 400 million compute units was consumed within just 30 minutes of its launch, posing significant scaling challenges. However, collaborations with teams like Alchemy facilitated a 1500% scaling of operations, ensuring Shibarium’s capability to handle its burgeoning user base.

Mainnet and Cross-Chain Bridges Operational

In a statement on August 28, Shytoshi Kusama clarified that the Shibarium mainnet and its cross-chain bridges are functioning smoothly. Users can now complete withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. However, withdrawals of the network’s native token, Bone, may take up to 7 days.

Rapid Adoption and User Engagement

The rapid adoption of Shibarium is noteworthy, especially considering the Layer 2 network aims to alleviate congestion and high fees on the Ethereum mainnet. The data from Shibariumscan indicates a growing user base, which is a critical factor for the long-term sustainability of any blockchain network.

Layer 2 Networks: A Growing Trend

Layer 2 solutions have been gaining traction in the crypto space as they offer scalability and lower transaction costs, features that are particularly beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs). Shibarium’s achievement is in line with this trend, and it adds another layer of utility to the Shiba Inu ecosystem, which initially gained fame as a meme cryptocurrency.

Implications for the Shiba Inu Ecosystem

The Shiba Inu ecosystem has been expanding its offerings, moving beyond its meme coin status. The introduction of Shibarium adds a new dimension to the ecosystem, allowing for faster and cheaper transactions. This could potentially attract more developers to build on the Shibarium network, thereby increasing its utility and value proposition.

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Shiba Inu Unveils ShibariumSSI: A Revolutionary Step Towards Self-Sovereign Digital Identity

by Blockchain News

The popular meme crypto known as Shiba Inu has announced the launch of a new platform known as ShibariumSSI. This new platform will center on the idea of Self-Sovereign Identity (SSI). The announcement, which was made through the official Shiba Inu Twitter account, stresses a new era in digital identity management and aims to empower consumers with greater control over their personal data. The news was made via Twitter.

The Power of Portability and ZK Compliance

The portability feature of ShibariumSSI is a game-changer in the digital world, where users often face cumbersome verification processes when signing up for new services. The Zero-Knowledge (ZK) compliance further enhances privacy and security, allowing users to validate their identities without revealing personal information.

A zero-knowledge (ZK) proof is a cryptographic method allowing one party to prove a statement’s truth to another without revealing extra information. It’s an advancing field with two main building blocks: “succinctness,” where the proof is easier to verify than perform the computation, and “zero-knowledge,” where parts of the computation can be hidden while maintaining correctness.

Implementing Self-Sovereign Identity with ShibariumSSI

Self-Sovereign Identity, often known as SSI, is a framework that enables people or entities to have full power over their personal data. ShibariumSSI is designed to facilitate this. Individuals are given back control over their own personal information, in contrast to the old models which place such control in the hands of third parties.

ShibariumSSI is designed around five primary benefits:

Self-custody: Ensures that users maintain exclusive control over their identity data, reducing the potential for misuse by third parties.

Portability: It is much like unified verfication service, enabling users to carry their data across different applications with ease, without the need for repeated verification.

Zero-Knowledge (ZK) Compliance: Derived from zero-knowledge-proof cryptographic principles, this ensures that users can share only required data without revealing any additional personal information. Users deliver only the information they approve validators to receive.

Security: Achieved through end-to-end encryption, safeguarding data using advanced cryptographic techniques. The cryptographically secure blockchain prevents modification.

Web3 Entrance: Positions ShibariumSSI as a secure entry point for integrations beyond the Shiba Inu ecosystem, greatly extending Shiba’s adoption into the Web3 andMetaverse.

A Secure Gateway to Digital Identity

While specific details of the security measures have not been detailed in the announcement, the emphasis on security indicates a commitment to protect user data from potential threats. The term “gateway” in the announcement suggests that ShibariumSSI might serve as a bridge between users and the digital world, providing a secure and private entry point to various online services.

The launch of ShibariumSSI by the Shiba Inu Ecosystem represents a significant advancement in the realm of digital identities. By prioritizing self-custody, portability, ZK compliance, and security, ShibariumSSI is poised to redefine how individuals interact with the digital world. However, its real-world effectiveness and rate of adoption remain uncertain and will undoubtedly be the focus of industry attention in the coming months.

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What is Shibarium?

by Blockchain News

Introduction to Shibarium

Shibarium is a Layer 2 (L2) blockchain solution developed by the Shiba Inu project, a decentralized community inspired by the Ethereum blockchain. The development of Shibarium is part of the Shiba Inu project’s mission to create a decentralized ecosystem that includes its own blockchain, decentralized exchange (ShibaSwap), and various tokens (SHIB, LEASH, and BONE). As stated in the official Shiba Inu blog, Shibarium is “being built to fulfill Ryoshi’s vision” and is seen as a “transitional evolution of the Shiba Ecosystem”.

The Genesis of Shibarium

Shibarium was first introduced to the Shiba Inu community in a blog post on the official Shiba Inu blog on January 15, 2023. The post explained that Shibarium would be a Layer 2 solution, which means it operates on top of another blockchain—in this case, Ethereum—to enhance its capabilities. Layer 2 solutions, like Polygon (Matic), Arbitrum (ARB), Optimism (OP), and Starknet (STARK), are typically designed to solve issues related to scalability and high transaction fees, common problems on the Ethereum network.

Shibarium’s primary function is to serve as a platform for building decentralized applications (dApps) and integrating them into real-world businesses. It is designed to be low-cost and efficient, with a focus on burning SHIB tokens in the process to reduce the overall supply and potentially increase the token’s value.

Development and Progress

The development of Shibarium has been a community-driven effort, with updates and progress reports regularly posted on the Shiba Inu blog. On February 20, 2023, the Shiba Inu team provided a year-in-review update on Shibarium, detailing the progress made and the challenges faced. The team also shared their plans for the future, including the development of an intake system to support those interested in building on Shibarium.

In early 2023, the Shiba Inu team announced the start of the early beta test of the Shibarium network, also known as “PuppyNet.” This marked a significant milestone in the development of Shibarium, allowing developers and users to test the network’s capabilities and provide feedback for improvements. The beta test phase was a crucial step in the development of Shibarium.The beta test phase enabled the team to pinpoint and rectify any problems prior to the mainnet launch, guaranteeing a sturdy and dependable network. The community’s feedback during this period was of immense value, aiding the team in refining Shibarium to reach its maximum potential.

Shibarium’s Intake System

To foster a truly open and inclusive ecosystem, the Shiba Inu team developed an intake system for Shibarium. This system allows anyone interested in building on Shibarium to submit their project for review and support. The intake system is designed to help the Shiba Inu team find the best projects and link them with others who can assist or collaborate with them.

The intake system exemplifies the Shiba Inu project’s dedication to fostering community participation and promoting decentralization. It is a system designed to stimulate creativity and teamwork, enabling the most promising ideas to gain prominence and secure the necessary resources for success. This methodology aligns with the Shiba Inu project’s philosophy of being a community-led initiative, where each member has the opportunity to express their views and contribute to the expansion of the ecosystem.

Shibarium’s Beta Test

The early beta test of Shibarium, or “PuppyNet,” began on February 2, 2023. During this phase, developers and users were encouraged to test the network’s capabilities and provide feedback. The beta test was open to anyone, and the Shiba Inu team provided documentation for those interested in setting up a test node. The feedback from this beta test was instrumental in refining and improving Shibarium, ensuring that the platform would be robust and reliable for its users.

Shibarium and Shibacals

In addition to serving as a platform for dApps, Shibarium also plays a crucial role in the Shiba Inu ecosystem’s real-world applications. One such application is Shibacals, a system for authenticating physical collectibles using NFC chips. These chips can link to dynamic destinations, setting up a myriad of possibilities ideal for businesses. The NFC chips that authenticate these collectibles require Shibarium, demonstrating another use case for the blockchain.

Shibacals represents a significant step forward in bridging the gap between the digital and physical worlds. By using blockchain technology to authenticate physical collectibles, Shibacals is bringing the benefits of decentralization, transparency, and security to a new domain. This is just one example of the innovative applications that can be built on Shibarium, showcasing the platform’s versatility and potential.

Conclusion

Shibarium represents a significant step forward in the Shiba Inu project’s mission to create a comprehensive decentralized ecosystem. With its Layer 2 solution, Shibarium aims to provide a scalable, low-cost platform for building dApps and integrating them into real-world businesses. As the development of Shibarium continues, it is expected to play an increasingly important role in the Shiba Inu ecosystem

Reference

https://blog.shib.io/introduction-to-shibarium/

https://blog.shib.io/shibarium-the-invite/

https://blog.shib.io/shibarium-2022-year-in-review/

https://blog.shib.io/shibarium-intake/

https://blog.shib.io/shibarium-early-beta-test-is-live/

https://blog.shib.io/shibarium-zoomed-out-shibacals-andmore/

https://blog.shib.io/shibarium-the-foundational-blog/

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