- Shiba Inu Team announced the launch of the beta L2 blockchain platform (Shibarium) that aims to lower gas fees on the Ethereum network.
- Transactions on Shibarium occur “off-chain” and are communicated back to the Ethereum blockchain, which allows for lower costs and faster processing times.
- Shibarium also provides a robust development framework for the community to build their vision into the blockchain, and has potential uses in gaming, social media, education, and supply chains.
- The platform also supports Non-Fungible Tokens (NFTs) and has a native token, $BONE, which will be used to pay for gas transactions and reward validators and delegators within the protocol. $BONE can currently be obtained through ShibaSwap and other platforms, and is expected to gain more attention and adoption as the launch of Shibarium approaches.
A new blockchain platform, Shibarium, is set to launch as a solution for high gas fees on the Ethereum network from the Shiba Inu team.
The launch of Shibarium is to solve a common barrier for users looking to make small transactions in their day-to-day lives, with added fees of $50-$100 on top of a fractional $15 purchase, making it impractical and unrealistic for many to use these digital assets in their daily transactions.
Shibarium is a Layer 2 blockchain, meaning that transactions occur “off-chain” and are communicated back to the Ethereum blockchain. This allows the Shibarium blockchain to handle the majority of the processing work, which in turn reduces bandwidth and lowers costs and processing time for users.
Beyond the cost and speed benefits, Shibarium’s development framework provides robust functionality to allow the community to build their vision into the blockchain. Decentralized Applications (dApps) are a critical component of the expansion of Web 3, and their uses are nearly endless. Gaming, social media, education, and supply chains are just a few of the many potential uses for dApps on Shibarium.
The platform also supports Non-Fungible Tokens (NFTs) with the ability to create chain-specific NFTs. These tokens can be used for a variety of applications such as event tickets, in-game items, art and music, and digital real estate.
Shibarium and $Bone
Shibarium, the highly anticipated Layer 2 blockchain platform, has also announced that its native token, $BONE, will be used to pay for gas transactions and reward validators and delegators within the protocol.
Since its launch in July 2021, the main function of $BONE has been linked to governance, but, according to the team, it will now also play a crucial role in the upcoming Shibarium launch.
Validators and Delegators are assigned a percentage of a token called $BONE that are distributed each time a specific time is reached. They will also be given a portion of another token called TREAT. A commission is a fee taken by the validator for the operation and maintenance of the node. Rewards are distributed based on the amount of tokens staked by each of them, after validator commissions.
The total supply of $BONE is 250 million, with 20 million of those tokens reserved to reward validators and delegators in the coming years. The allocation of these tokens was determined through a decentralized autonomous organization (DAO) process, which was voted on by the Shiba community.
$BONE can currently be obtained through ShibaSwap and other decentralized and centralized platforms, and its contract address is:
0x9813037ee2218799597d83d4a5b6f3b6778218d9.
As the launch of Shibarium approaches, $BONE is expected to gain more attention and adoption as it will be at the forefront of gas transactions and rewards within the protocol.