Shibarium, a forthcoming layer-2 network revealed by Shiba Inu (SHIB) developers. It will soon join the constantly expanding field of Ethereum-based blockchains, including Arbitrum and Optimism, in an effort to address the issues of scalability, speed, and cost. How does it affect LEASH and BONE?
Image by catalyststuff on Freepik
On top of layer 1s, layer 2 refers to a collection of off-chain solutions that alleviate scalability and data obstacles. It allows several off-chain transactions to combine into a single layer 1 transaction, reducing the amount of data and associated costs. In the upcoming weeks, a beta testnet will go live as expected. Developers will be able to see how well Shibarium runs in a “real-world” functioning environment.
Apart from being used as a cheap settlement for decentralized applications (dApps) established on the network, Shibarium will have an emphasis on metaverse and gaming applications, according to an overview post published on Sunday by Shiba Inu developers.
Shiba Inu, a memecoin that was created during the previous bull market and has since attempted to establish itself as a legitimate project with its own blockchain network and dApp ecosystem, may benefit from strong fundamentals as a result of the rollout. Shiba Inu’s three ecosystem tokens, Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE), which collectively have a market capitalization of over $5 billion, may benefit from the transition even more.
It is worth mentioning that transactions on Shibarium will burn some SHIB tokens. However, we don’t know the certain amount or proportion of burned SHIB. In case you don’t know, the burning process represents the process of permanently removing tokens from the supply.
$BONE and Shibarium
The native token chosen for the Shibarium system to cover gas transactions and reward Validators and Delegators is $BONE. Since its founding in July 2021, governance has been its primary duty; nevertheless, it is now also responsible for the much-awaited introduction of the Shibarium.
With a total supply of 250 million, 20 million of which have been set aside to compensate Validators and Delegators in the years to come and selected by the Shiba community through its DAO process.
Closing Thoughts
This is good news for the memecoin community. However, SHIB, LEASH, and BONE prices are not changing dramatically as we expected. Anyways, don’t forget to do your own research before trading. Lastly, check out our daily industry news and MEXC trading page to find out what we have to offer. Start your crypto journey now with MEXC!
Join MEXC and Start Trading Today!
