- Shiba Inu developers announce a transformative upgrade for Shibarium L2.
- Earlier, SHIB secured $12M to build a Layer-3 chain with FHE technology.
- The set of L2 upgrades encompasses security, accessibility, and speed.
Shibarium’s developers recently took to X, previously known as Twitter, to share the big news of Shibarium’s upcoming hard fork. Slated to go live early next month, the development team considers the hard fork of Shiba Inu’s own Layer-2 network a “necessary update to unlock next-level capabilities”.
Furthermore, a hard fork on Shiba Inu’s blockchain is more than just a technical enhancement. Shiba Inu developers aim to make the Shibarium L2 easily accessible for everyone, supporting the original 2024 vision to onboard 1,000 new projects on-chain and welcome one billion new users to the vibrant Shiba Inu community.
Key Enhancements On Shibarium’s Hard Fork
The Shibarium Layer-2 will undergo the hard fork procedure on the mainnet on May 2, 2024. This major update aims to stabilize the network’s performance amid intense usage and periods of network congestion. In further detail, Shibarium’s transaction fee fluctuations during periods of high traffic should be a lot more stable and predictable.
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On top of that, Shibarium’s hard fork will implement faster block processing times, meaning that transfers on the Layer-2 blockchain will be faster and cheaper. Along with several key security upgrades, this Shibarium hard fork paves the way for enthusiasts and creators on the network to unleash their potential and “push the boundaries of what’s possible in DeFi”.
Following the news, Shiba Inu’s (SHIB) price inked 3.9% gains over the past 24 hours, completing a 13.7% weekly run. As of press time, the #12 seated Shiba Inu (SHIB) is exchanging hands at $0.00002588, according to independent price aggregator CoinGecko.
On The Flipside
- Shibarium L2 went through a hiccup on the chain’s launch day in August 2023, due to unexpectedly high traffic that caused a traffic influx with $1.8M ETH stuck on Shibarium.
- To solve the issue, Shibarium’s developers temporarily paused, then re-launched the chain after making necessary tweaks and have since helped to keep Shibarium’s average block time at 5 seconds.
Why This Matters
Shiba Inu’s Layer-2 chain Shibarium strives to meet the requirements of its growing user base, generating over 4 million blocks and processing over 417 million transactions in the inaugural year.
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