Shibarium – The First Shiba Layer 2 Network
According to the announcement dated January 16, the beta test version of the layer-2 Shibarium is expected to be released in the coming weeks, but continues to keep the exact date and time of the announcement a secret. This is the second time to tease about Shibarium, once scheduled to be scheduled in the third quarter of 2022.
What is Shibarium?
Shibarium is a powerful Layer 2 blockchain and a transitional evolution to the Shiba Ecosystem. Shibarium’s layer 2 is a collective blockchain that scales and invites solutions, innovation, and security to the Decentralized Finance Space.
This blockchain (L2) runs on top of the Ethereum blockchain, which the SHIB ecosystem tokens (SHIB, LEASH & BONE) utilize. A Layer 2 blockchain provides the benefits of scalability, faster transaction times, lower fees, and an expanded development framework.
With the evolution of Web 3, blockchain technology is starting to emerge into the commonplace. Some of the biggest obstacles to mainstream adoption are the cost and speed of transactions.
Shibarium’s Layer 2 blockchain protocols can serve different industry areas such as metaverse, web3 innovation, and gaming. This is primarily due to the commonality of scalability and performance limitations of current existing blockchain networks.
This layer aims, as a protocol, to work on top of existing blockchain networks, allowing for faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain.
Details about Shibarium
BONE – the native token of Shibarium
$BONE is the native token selected to pay for gas transactions and reward Validators and Delegators within the Shibarium protocol. Since its birth in July 2021, its main function has been linked to governance, but now also the much anticipated Shibarium launch.
With a total supply of 250 million, of which 20 million have been reserved to reward Validators and Delegators in the coming years, and voted in by the Shiba community through our DAO process.
BONE can currently be obtained through ShibaSwap and other decentralized and centralized platforms
Contract address is: 0x9813037ee2218799597d83d4a5b6f3b6778218d9.
Validators in Shibarium
Validators are instrumental members of the network who contribute to operability security by locking up a certain number of $BONE tokens and operating Heimdall Validator and Bor block producer nodes.
In exchange for their role and service, Validators receive rewards proportional to their stake. The rewards are divided among all participants based on the amount of tokens they have staked. The user’s reward balance is recorded in a contract, which is used to determine the rewards that can be claimed.
Individuals who want to support the network but do not want to run a full node can participate as Shibarium ‘Delegators’. Delegators play important role in the system by selecting which validator nodes will be responsible for validating transactions.
Shibarium’s Fundamental Operability
Transactions & Gas
‘Gas’ is a unit used in smart contract enabled blockchain networks, and it’s paid in $BONE. In Shibarium, $BONE is the token actively producing the operability of transactions.
Shibarium’s Mainnet launch includes plans to integrate ShibaSwap into the platform for easier access to tools and functions, and to allow both users and Validators/Delegators to access all staking and liquidity pools efficiently.
The upcoming release of $TREAT is also expected to incentivize these pools and provide users with low network fees and better rewards strategies.
$SHIB Burn Mechanics
All transactions on the network will have an implicit burn amount for $SHIB token. This will operate within the base gas fee of these transactions being utilized to burn $SHIB through our renewed Burn Portal*. This will occur every time a transaction is made on the network.
By implementing this feature, burning $SHIB tokens per transaction will be reflected in the total token supply as we hope it will have a significant impact on the circulating amount of the $SHIB supply over time.
$SHIB and $BONE probably have the most bullish catalyst when shibarium goes live because $BONE will play an important role as a gas token for the operability of transactions. Therefore, in order to participate in Shibarium chain, you will have to buy $BONE to pay for gas fees ⇒ demand rise.