Shibarium, a layer-2 (L2) network built on Ethereum, has gone live as a bid to add more functionality for the SHIB token. An initial test phase reportedly drew millions of users, but the SHIB price fell on the news .
Perspective: Though the launch is a positive sign for the Shiba Inu network, its real success won’t be clear until Shibarium can demonstrate sustained interest from users.
More details: Shiba Inu developers claimed that Shibarium’s beta testnet drew 21 million users and its launch on Ethereum’s mainnet was heralded by enthusiasts.
- “The mainnet has launched and this is something that people have been looking forward to for a long time,” explained Aaron Arnold from Altcoin Daily in the video above.
- “According to (SHIB lead developers), they saw millions of users participate in their Ethereum L2, and 21 million wallets created.”
Key takeaways: The SHIB price has struggled since the launch , and questions remain about whether the network can sustain interest from its test phase and into continued network growth.
- “I’m not going to be excited until I get the numbers on: Are people actually getting in here, are transactions going up, are user growth coming up, do we have more active hours on the platform?” Austin Arnold asked.
- “These are all metrics we can continue to watch, and if they stay, then there’s value there and that’s what people are choosing,” he added.
The context: As the Ethereum ecosystem grows , numerous token projects are seeking to add utility and demonstrate unique value to users. With the launch of Shibarium, it appears SHIB has made its bid to separate from the pack, but questions remain about its ability to become more than a meme.
- “I still wonder: Is Shiba Inu the crypto a solution desperately in search of a problem?” Aaron Arnold said.
- “We’ll see,” he concluded. “It’s a fair market, let’s compete.”
Read more about how the SHIB price reacted to the launch of Shibarium.
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