The layer-2 network known as Shibarium, which Shiba Inu’s engineers have eagerly anticipated, is almost ready to go live. The cryptocurrency known as Bone ShibaSwap (BONE), a component of the Shiba Inu ecosystem, was boosted by this news.
The release date has been confirmed via a viral tweet from the official Bone ShibaSwap (BONE) account. Shibarium is intended to function in a manner similar to that of other layer-2 scaling solutions such as Polygon (MATIC).
Inside the Shiba Inu ecosystem, developers will be able to design their own unique tokens thanks to the new network. Also, it is anticipated that the speeds of transactions will greatly increase while gas prices will decrease.
At the time this article was written, the coin had managed to maintain its 99th place in the rankings maintained by CoinMarketCap, with a live market cap of $426,067,602. BONE has had a price increase of about 10% in the previous twenty-four hours, and it has seen a price increase of over 35% in the past seven days.
The debut of Shibarium, which had previously been suspected, seems to be a main driver of the price surge in BONE. The BONE will be a very important component for both the Shibarium and the Shiba Inu ecosystem as a whole.
The fact that BONE will be the sole governance token of the layer-2 technology serves as the context for this discussion. The first BONE proposal was published by the Unification team on February 16, which also marked the beginning of the price surge for BONE.
A developer by the name of Ringoshi Toitsu described on Twitter how staking BONE on Shibarium would result in the user getting back tBONE, which is a wrapped form of BONE. In the end, what this indicates is that tBONE may be combined with BONE in order to generate a greater annual percentage rate (APR) while also contributing to the maintenance of Shibarium’s liquidity.
