The Shiberium blockchain, which Shiba Inu investors have been waiting for months, officially launched last night. More than 21 million wallets have been created on the Ethereum Layer 2 blockchain, which was launched after a long-running testing process.
Shiberium works with a consensus mechanism called Proof of Participation (PoP). Validators are selected according to the rate of the relevant token in their hand. Developed as a system that can also connect to the Ethereum Layer 1 network, Shiberium provides a more scalable and cost-effective transaction experience.
Users also need to lock 10,000 BONE tokens in the system in order to become validators on Shiberium. 21 million BONE tokens were also set aside as rewards for agents and validators, also known as delegates.
The numbers suggest that around 1.7 million Ether are currently locked on the Shiberium cross-chain bridge. After the announcement of Shiberium, it was observed that a large amount of SHIB was withdrawn from the exchanges.
The statements made and the launch of Shiberium did not have a positive effect on the price. The fall in bitcoin also affected the price of SHIB. Till the time of writing the news, the price of Mim Coin is trading at around $0.000009.
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