Shiba Inu has launched the Shibarium mainnet, an Ethereum layer-2 scaling solution, following a successful beta test phase that saw the creation of 21 million wallets.

The Shibarium network is based on a new proof-of-participation (PoP) consensus mechanism, selecting validators proportionately to the quantity of holdings they have in the associated cryptocurrency.

It offers a more scalable and cost-effective transaction platform and is designed to engage with the primary Ethereum layer-1 blockchain.

Despite the loss of over 80% of Shiba Inc (SHIB)'s valuation during the bear market, the community remained steadfast and built a decentralised ecosystem consisting of a decentralised exchange, ShibaSwap, and a native token, BONE.

Shiba Inu’s lead developer, pseudonymously known as Shytoshi Kusama, expressed satisfaction over the interest Shibarium generated ahead of its launch from new projects.

A post on social media suggested there were over 100 companies already using its services. Kusama emphasised the importance of community and decentralisation for successful technology innovation, and assured that Shibarium functions align with these principles.

Built on the Heimdall validator and the Bor block production nodes, Shibarium will provide governance for the system. Users planning to become validators on the network are required to lock 10,000 BONE to participate.