Shiba Inu’s Layer-2 blockchain, Shibarium, has been making significant progress since its public relaunch. In just a week, the network has achieved multiple technical milestones, including hitting over 300,000 wallets and processing over half a million transactions. Additionally, the gas fee token of Shibarium, Bone ShibaSwap (BONE), has experienced a 7% weekly increase in response to these developments. This article will explore the recent achievements of Shibarium and the new listing of BONE, highlighting its impact on the crypto community.
Shibarium’s Impressive Growth
Shibarium, the independent Layer-2 blockchain of Shiba Inu, has been gaining traction since its relaunch. The blockchain explorer, ShibariumScan.io, has detected over 300,000 crypto wallets using the network. This remarkable growth in user adoption is a testament to the scalability and usability of Shibarium.
Furthermore, Shibarium has processed over half a million transactions since its relaunch, showcasing the network’s ability to handle high transaction volumes. This achievement is a significant milestone for Shibarium and highlights its potential as a reliable blockchain solution.
Smooth Operations and Technical Upgrades
One of the key indicators of Shibarium’s success is its average block production time, which currently stands at five seconds. This rapid block production time demonstrates the efficiency and smooth operations of the network. Users can expect quick transaction confirmations and an overall seamless experience when utilizing Shibarium.
To ensure the network’s scalability, the lead developer of Shibarium, Shytoshi Kusama, implemented several technical upgrades. These upgrades included the addition of two additional validators and a scaling hike of 1,500%. The successful implementation of these upgrades is evident in Shibarium’s smooth operations and ability to handle high transaction volumes.
BONE Reacts to Shibarium’s Growth
As Shibarium continues to achieve new milestones, its gas fee token, BONE, has also experienced positive growth. In response to the developments on the mainnet, BONE has seen a 7% weekly increase in value. This upward trend reflects the growing demand and confidence in Shibarium’s ecosystem.
New Listing on BitMex
BitMex, a popular cryptocurrency exchange, has recently announced the listing of BONE on Futures with up to 33x leverage. This listing provides an opportunity for traders to engage with BONE and potentially capitalize on its growth. Additionally, BitMex will also list SHIB/USD and SHIB/USDT Quanto smart contracts, further expanding the trading options for Shiba Inu enthusiasts.
The listing of BONE on BitMex is a significant development for Shibarium and the Shiba Inu community. It opens up new avenues for trading and increases the accessibility of BONE to a wider audience. This increased exposure may contribute to the further growth and adoption of Shibarium’s ecosystem.
BONE’s Price Movement
Following the news of the BitMex listing, BONE’s price has reacted positively. At the time of writing, BONE is trading at $1.26, with a 7% weekly uptrend. However, it is important to note that BONE is yet to reclaim the upper-mid major support line at $1.50, last touched on August 16th, 2023. Traders and investors will closely monitor BONE’s price movement to assess its future potential.
Wrapped BONE (wBONE) Announcement
In response to the public’s demand for BONE, Shytoshi Kusama, the lead developer of Shibarium, has announced the upcoming release of a wrapped version of BONE called Wrapped BONE (wBONE). This wrapped token will provide additional liquidity and flexibility for BONE holders, potentially attracting more users to the Shibarium ecosystem.
The introduction of wBONE showcases Shibarium’s commitment to innovation and meeting the needs of its community. By expanding the range of token options, Shibarium aims to enhance the overall user experience and provide a robust ecosystem for crypto enthusiasts.
Implications of Delayed BONE Contract Renunciation
While Shibarium’s growth and achievements are undoubtedly positive, it is important to consider the potential implications of the delayed BONE contract renunciation. The SHIB Army, the community of Shiba Inu supporters, voted to renounce the BONE contract last year. However, the contract renunciation has been delayed, which may impact major crypto exchanges’ willingness to list BONE.
Crypto exchanges often prioritize tokens with a renounced contract, as it provides increased security and reduces the risk of rug pulls or other malicious activities. Therefore, the delayed contract renunciation could potentially hinder BONE’s listing on major exchanges and limit its accessibility to a broader user base.
Conclusion
Shibarium’s impressive growth, with over 300,000 wallets and half a million transactions, highlights its potential as a scalable Layer-2 blockchain. The recent listing of BONE on BitMex further enhances Shibarium’s ecosystem and provides new trading opportunities for Shiba Inu enthusiasts. However, the delayed BONE contract renunciation may pose challenges in terms of exchange listings. Nevertheless, Shibarium continues to innovate and meet the demands of its community, as evidenced by the upcoming release of wrapped BONE. As Shibarium and its gas fee token BONE continue to evolve, the Shiba Inu ecosystem is poised for further growth and adoption.
Disclaimer: This article is for informational purposes only and should not be considered trading or investment advice. The cryptocurrency market is highly volatile, and readers should conduct their own research before making any investment decisions.
