Shibarium Gas Fees 10K Times Lower Than Ethereum’s?

• Shibarium comprises a three-layered architecture with a dual consensus algorithm.
• Shiba Inu (SHIB) dropped 1.5% whereas BONE rose 5% in the last 24h.

The Shiba Inu team officially released the public documentation of the layer 2 solution Shibarium. The SHIB project brands Shibarium as the Shiba Inu ecosystem’s “low-cost blockchain solution” for the community.

What is Shibarium?

The official project doc highlighted the salient network architecture of Shibarium. Significantly, this L2 blockchain encompasses a fully EVM-compatible, three-layered network – Base layer, Heimdall, Bor. Primarily, Ethereum is the base layer that will accommodate the staking-focused smart contracts. The team stated the possibility of integrating several other PoS chains as base layers in the future.

Notably, Shibarium comprises a hybrid, dual consensus framework – Plasma with proof-of-stake (PoS). The PoS platform is secured by external validators, while, the Plasma system relies on Ethereum’s security. Furthermore, the network also would extend hybrid side-chains to speed up the transactions.

In the current phase, the PoS blockchain activated three services – Wallet, Bridge, and Staking. First, the Shibarium Wallet lets users transact and store assets. Secondly, the Ethereum-Shibarium bridge will facilitate withdrawals and deposits across the two chains. These bi-directional transactions follow a novel mechanism. Thirdly, through Shibarium Staking, users would receive rewards by staking.

The native Shiba Inu coin, SHIB, was down 1.23% in the last 24 hours. At press time, as per CoinMarketCap, SHIB traded at $0.00001065. On the other hand, the Shibarium’s gas token BONE noted a 24h price gain of 5.7% to trade at $1.20.