Benzinga - The Shiba Inu (CRYPTO: SHIB) ecosystem’s Shibarium has a new rival, ShibChain, a Layer-2 scaling solution built on Polygon CDK. This was highlighted as a new chapter for the Shiba Inu Army (Shib Army).
What Happened: ShibChain is backed by Polygon and is built on Polygon’s Chain Development Kit (CDK) framework, which is gaining traction due to its advanced developer technology. So instead of an Ethereum launch, Polygon was chosen.
ShibChain stated on X that the new blockchain will utilize Shiba Inu’s native token SHIB for its gas fees. On the other hand, Shibarium uses Bone ShibaSwap (CRYPTO: BONE) as its gas fee.
With the ShibChain network, Shib Army members will be allowed to spend their Shiba Inu tokens on games, NFTs and Decentralized Finance (DeFi). ShibChain will create real demand for Shiba Inu with real-world applications.
The transaction on ShibChain Network will cost only 300 Shiba Inu per transaction (approximately $0.0031) and 2,000 transactions per second, making it smooth and efficient to play, swap and explore the entire ecosystem.
Also Read Shiba Inu Roars With 8% Weekly Gains, Justin Sun Withdraws 577B SHIB Tokens From Binance In Two Days
Why Does It Matter: Shiba Inu is the main currency for all the applications on the ShibChain network thereby expanding the token’s utility.
Shibariumscan data showed total transactions breached the 150 million mark to stand at 157.7 million. Based on CoinMarketCap data, Shiba Inu witnessed a 3% increase in the past 24 hours of trade with trading volume down 9.4% in the same timeframe. Over the past month, Shiba Inu recorded a 29.3% gain.
A Shiba Inu fan, Shib Spain, took to his X platform and said, “When all the top Exchanges join #Shibarium, transactions will increase massively and $SHIB burns will be huge.” He also said that “Shiba Inu is set for a Galactic Journey.”
Read Next: 'Extremely Bullish On The Direction Of SHIB' Says Shiba Inu Community Member; Shibarium Celebrates 100M Transactions
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