A Layer 2 network that will operate on top of the Ethereum mainnet will be called a Shibarium. The creators of the Shiba Inu dog-themed coin have posted an update on their website to inform the community about the upcoming Shibarium beta release.

During the announcement, SHIB developers discussed Layer 2 blockchains and gave information about them.

They underlined the fact that Shibarium is now under development to provide a platform that will allow the community to create and expand the project and achieve its creator’s ambition.

Although there are many who feel that the purpose of developing Shibarium is to drive up the price of Memecoins, the creators have said that this was not their intention.

Instead, the developers mentioned that the purpose of the new infrastructure upgrade is to revolutionize the Shiba ecosystem by removing barriers to entry for small transactions, improving speed, enabling decentralized app development, and integrating non-fungible tokens. All of these goals will be achieved by implementing the new update.

A recording mechanism for SHIB is one of the most requested enhancements to the project and as such is highlighted as a critical update in the most recent announcement.

Its creators claim that every transaction that takes place on the network will necessarily involve burning a certain amount of SHIB tokens. Every time a transaction is made within the network, this process will be activated.

The team’s response to all concerns about the time frame was “soon”, although the developers did not provide a precise date for the product introduction. Those who are part of the Shiba Inu community have expressed their delight at the recent turn of events.

SHIB creator Shytoshi Kusama made the announcement on social media on November 22, 2022. He said the project has been invited by the World Economic Forum (WEF) to participate in creating a global metaverse policy.

The developer stressed that if successful, the initiative would collaborate with other internet giants like Facebook and Decentraland to help the World Economic Forum in the policy-making process.