Shibarium, the Layer-2 blockchain built on top of Ethereum, is putting the finishing touches on its testnet, according to a statement from the development team.
Shibarium aims to facilitate transactions on the Shiba Inu network, offering low-cost and fast transactions, although the exact number of transactions per second has not been disclosed yet.
The team stated that the testnet’s launch date has not been specified yet, but the “finishing touches are approaching.”
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Shibarium will operate using a proof of participation and proxy mechanism (DPoS) and will be secured through validators and proxies who stake their tokens to receive rewards. U
sers will be able to burn SHIB tokens to complete transactions, which will put deflationary pressure on the overall SHIB supply.
Integration with ShibaSwap will be done in the mainnet release.