Amidst a lack of bullish cues in the market, SHIB rose by almost 6% over the past day, which pushed its monthly gains to nearly 12%.
The meme coin’s surge can be attributed to the Shibarium Beta Bridge, which went live for public testing this week. The move is part of an ambitious roadmap that seeks to transform the Shiba Inu project into a complete ecosystem.
- The team behind SHIB announced the release of the Shibarium Bridge beta version for public testing, which would allow users to transfer tokens between the two networks.
- Initially, the bridge will enable users to transfer testnet ether tokens to the layer-2 network, with each transfer expected to take a maximum of up to 30 minutes.
- The bridge is also compatible with the ERC-20 token standard and focuses on enhancing the scalability factor.
- The development comes weeks after developer Shytoshi Kusama revealed that Shibarium is slated to go live after a Toronto conference in August this year.
- The updates regarding the much-anticipated layer-2 have sparked several minor rallies, but Shibarium code concerns dragged SHIB’s value significantly in March.
- Despite this, Shibarium has been touted to be crucial for the meme coin to place it among more serious contenders in the Web3 space. The addition of layer-2 specifically is aimed at increasing throughput, allowing the project to handle significant growth. A considerable boost in transaction speed could attract more users.
- Shibarium will leverage four tokens, namely, BONE, TREAT, SHIB, and LEASH, for applications developed on top of the blockchain.