Shibarium Bridge Goes Live For Public Testing Ahead of August Launch

  • Shiba Inu official announces that the Shibarium Beta Bridge is live for public testing.
  • The Layer 2 bridge will connect the Ethereum and Shiba Inu blockchains.
  • SHIB and Bone saw an uptick in their prices following the announcement.

Ahead of its expected launch in August, the Shibarium Beta Bridge has gone live for public testing. Lucie, a Shiba ecosystem official, made this announcement on Twitter, marking the second time the bridge has been made available for public testing.

The Shibarium Bridge is a Layer 2 network designed to connect the Ethereum and Shiba Inu blockchains. Consequently, Shiba Inu users will be able to conduct transactions. Likewise, connecting the two networks will also allow users to transact without third parties or intermediaries.

Reacting to the news, Shibarium gas token Bone ShibaSwap (BONE) recorded a significant increase in its price. Data from CoinMarketCap shows that the token has further added another 0.24% in the last 24 hours.

Despite the excitement around the news, Lucie warned that users should be careful while using the bridge. He cautioned users to ensure they verify authenticity before connecting their wallet to any website. Likewise, since the bridge is still in its beta phase, he warned against using real assets on the bridge.

The Shibarium Bridge is expected to be a game-changer for the Shiba Inu ecosystem. The launch will transition Shiba Inu from being just a meme coin to a network offering diverse utilities and applications.

The bridge will support the development of ERC-20 tokens (NFTs) created and used by Ethereum. Likewise, the use of the Plasma Bridge technology and validators means users can transact on the bridge with minimal risks.

In addition, the bridge is expected to draw more attention to Shiba Inu and, in turn, increase liquidity to the network.

At the time of press, SHIB has seen a marginal decline in its price. In the last 24 hours, the token has dropped 1.03% to sit at $0.000007814.

Comments

Post a Comment

Popular posts from this blog

Grayscale Investments Files for 3 New Exchange Traded Funds

On May 9, digital currency fund manager Grayscale Investments announced the establishment of the Grayscale Funds Trust and submitted registration filings for three exchange-traded funds with the U.S. Securities and Exchange Commission. Grayscale Introduces Grayscale Funds Trust and Files for 3 ETFs As the leading digital currency fund manager, in terms of assets under management (AUM), Grayscale Investments unveiled the Grayscale Funds Trust launch. The trust is a Delaware statutory trust structure designed to strengthen the company’s worldwide asset management capabilities. “A registration statement relating to Grayscale Funds Trust has been filed with the SEC but has not yet become effective,” Grayscale stated on Tuesday. Grayscale highlighted that they had previously established Grayscale Advisors, an SEC-registered investment advisor, which will serve as the new trust’s advisor. Besides the trust, Grayscale has also filed a registration statement for three additional funds. Thes
Read more

SlowMist Uncovers Fraudulent ImToken Wallet on Third-party Stores

The SlowMist Security Team has investigated and analyzed fake Web3 wallets from third -party app stores, warning users about the dangers of downloading wallet apps from questionable sources. In a recent tweet, the team shared their findings and urged users to stay vigilant in enhancing their security awareness when using wallets in the blockchain space. Investigation and Analysis of Fake #Web3 Wallets from Third -party A thread about the risks of using third -party app stores and the dangers of fake wallets in the #blockchain space. Full article here https://t.co/lYNDnM7Qzj — SlowMist (@SlowMist_Team) April 26, 2023 According to the team, third -party app stores like apkcombo and uptodown pose significant risks as anyone can publish apps with minimal cost, making phishing attacks more accessible. The team found a fraudulent version of the well-known imToken wallet on apkcombo, which transmits sensitive data, like mnemonics, to the attacker’s server. The report
Read more

Binance Breaks New Ground with Japan Launch, BNB Token to Take Center Stage

Image
BNB Token To Debut In Japan The cryptocurrency behemoth’s “Build and Build ( BNB )” exchange token, a native token of the BNB chain with broad usage on the Binance exchange, will launch in the Japanese market. The creation of this coin demonstrates Binance ’s strategic goal to target seasoned users. advertisement A variety of decentralized finance (DeFi) and Web 3-based blockchain-based game stocks, such as Solana (SOL), Aster (ASTR), Avalanche (AVAX), Jasmy (JASMY), and Axie (AXS), will be included in the cryptocurrency choices on sale. Domestic unlisted concerns that are not already managed by other exchanges are still being considered, despite not being included in the most recent notification. Binance Japan will not allow leveraged trading, which often entails using margins to purchase and sell assets repeatedly. This is a divergence from several of its rivals. Binance would need to meet stringent requirements to obtain a “Type 1 Financial Instruments Bu
Read more