The Shiba Inu community received welcoming news as the Shibarium cross-chain solution goes live for testing. In a bid to shed its memecoin status, Shiba Inu is launching its own blockchain, Shibarium.
According to the announcement on X (Twitter), the “Beta Bridge” has gone live for public testing. This will allow users to transfer tokens easily between the Shibarium and Ethereum network.
🔥 Shibarium Beta Bridge has gone live for public testing! 🎉
Be among the first to try out this revolutionary cross-chain solution.
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Remember, always exercise caution and verify authenticity before connecting your wallet to any website.
PLEASE DO NOT USE YOUR REAL ASSETS!… pic.twitter.com/7yfhX8gQc6
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 26, 2023
Shytoshi Kusama, the lead developer stated that the bridge which is expected to start operating next month will initially allow users to transfer testnet ETH tokens to Shibarium.
Furthermore, he pointed out that each transfer is expected to be completed in a maximum time of 30 minutes. The new development marks another accomplishment by the Shiba Inu team as it triggers excitement across the Shib community.
Related Reading: Possible Reasons Why Major Shiba Inu Burns Fails to Make SHIB Price Surge
As the Shibarium marketing expert Lucie revealed, the ground-breaking Shibarium beta bridge is not entirely operational at the time of writing. As a result, the community influencer urged users not to interact with the protocol using actual assets, rather they should only use “faucets.”
Community reaction
Following the news, the Shiba Inu community expressed their excitement over the huge development. Some users took to the comments to confirm they have used the Beta Bridge.
A user “Rank’d i kae Hodl” expressed their joy in testing the cross-chain solution, “tested successfully earlier very excited,” the user wrote. Also, other members of the community anticipated the launch of the mainnet which is to happen in August during the Blockchain Futurist Conference.
For context, Shibarium is a layer-2 (L2) scaling solution for the Shiba Inu network. The purpose of the blockchain is to address the scalability and cost issues encountered in the Ethereum network. The blockchain network will transform Shiba Inu from a memecoin to a complete ecosystem.
A layer-2 (L2) is an off-chain network solution built on top of a layer-1 blockchain. It helps to reduce the shortcomings and extend the capabilities of the underlying base layer network.
Shiba Inu (SHIB) price impact
Even with the optimism that comes with the launch of the Beta Bridge, the impact on the price of SHIB is yet to be seen. According to live data from CoinMarketCap, the price of Shiba Inu today is $0.0000078. The price is down 0.92% in the last 24 hours at press time. What’s more, Shiba Inu is ranked #16 on the global crypto market chart. It has a live market cap of $4.6 billion.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.