- Shibarium could be launched during Blockchain Futurist Conference in Canada.
- Satoshi Kusuma announced renouncing the BONE contract soon.
Shiba Inu is gearing up for the Shibarium launch, & lead developer announced that the upcoming Layer-2 blockchain will renounce the BONE contract. On July 31, 2023, SHIB lead developer Sytoshi Kusama announced plans to upscale the operations of Shibarium. It is asserting that Shiba Inu is “sprinting” to the “next paradigm shift” in marking the inception of a new era of cryptocurrency.
Shibarium: What it Brings to the Table and BONE Contract
Satoshi announced that they would be minting every last piece of BONE in the next few days. Then, the BONE contract would be renounced. No further minting of the token would be possible. He called the step necessary as a significant portion of BONE is allocated to validators.
Showcasing plans, he said after the renouncement that BONE would be a passport to Shibarium and play three significant roles. One, it will act as a token that the delegators would use to “bury” the reward portions. Two, it would be a “gas” token for Shibarium. Three, it will enhance the “governance” within the upgraded system.
SHIB entering the top 15 status shows the prowess of the Shiba Inu community. Shibarium will be launched at the Blockchain Futurist Conference in Canada between August 15th and 16th, 2023. Shiba Inu is among the title sponsors, and Satoshi pointed out that this provides them with a front-row seat to significant exchanges and projects.
At press time, BONE is trading at $0.02939, with a jump of 24.54% in the last 24 hours. Its fully diluted market cap gained 24.54% to $293,879, while trading volume suffered by 38.85% to $3,316.
The Next Gen Layer-2 Blockchain: Shibarium
The anonymous creator of the Shiba Inu meme coin, Ryoshi, announced Shibarium in a blog post in May 2022. At the time, there was no declaration of any release date, which later got scheduled for February 2023. However, due to some errors in the development process, it was delayed multiple times.
Shibarium is a Layer-2 blockchain that runs atop Ethereum. With Ethereum facing issues with low throughput and high gas fees, Shibarium aims to improve the blockchain’s scalability. The following are the main benefits of this Layer-2 solution.
These benefits included Higher throughput, token utility, lower gas fees, metaverse development, and dApp accelerator. Layer-1, acting as a foundation for this Layer-2, indicates that the network can handle surplus transactions. This should greatly help in increasing the scalability of the blockchain.
Its beta version would facilitate an increase in the capacity to burn tokens. Additionally, it could shift a considerable load off Ethereum by managing transactions with enhanced speed, security, and accuracy. The protocol would serve as a scaling solution for Shiba Inu, allowing faster and cheaper transactions.
It was then announced that 20 Million BONE would be kept in reserve to reward the delegators and validators active in the Shibariium ecosystem. Also, if a user wishes to become a validator, a minimum of 10,000 BONE tokens will have to be locked, similar to staking 32 ETH for becoming a validator for Ethereum.
At press time, Shiba Inu, SHIB, is trading at $0.000000827 with a drop of 4.43%, the market cap fell by 4.45% to $4.81 Billion, and trading volume suffered by 5.93% to $955 Million. Ranking at number 14, the market dominance for SHIB stands at 0.42%.