Shiba Inu BONE was one of the top winners in the class “Doggone Doggerel” followed by CoinMarketCap. This includes all dog-themed crypto-currencies, with BONE ShibaSwap ranking third after Shiba Inu and Dogecoin.
At the time of publication, BONE was up 13% at $1.34, outperforming SHIB, which was up 3.72% at $0.0000104. The optimism around the BONE token stems from the imminent launch of the Shibarium Layer 2 beta.
As previously reported, BONE has been declared the native token chosen to pay for gas transactions and reward validators and delegates within the Shibarium protocol.
C’has been the governance token of the Shiba Inu ecosystem since its launch in July 2021, but now it also serves as gas and rewards for the Shibarium blockchain. With a total fixed supply of 250 million BONE, 20 million tokens have been reserved to reward validators and delegators.
First look at Shibarium
The developers at Shiba Inu have revealed the first look at the Shibarium Layer 2 blockchain in a blog post. Shibarium validators will lock BONE to run the Heimdall validator, an open-source validation software that can be used to participate in various blockchain networks, and Bor block production nodes. Bor is the EVM-enabled layer responsible for block production.
Currently, the number of validators is limited to 100 slots. To become a validator, one must install and operate a node, as well as stake a minimum of 10,000 BONE.
The launch of Shibarium could boost the fundamentals of the Shiba Inu tokens Shiba Inu (SHIB), Doge Killer (LEASH) and BONE ShibaSwap (BONE) ecosystem.
As announced by the official Shibarium Twitter account, a certain amount of SHIB will be burned by each transaction on Shibarium, but the exact number is still unknown.
The news of Shibarium’s upcoming beta launch has been met with joy and excitement by the SHIB community. Shibburn, a combustion initiative, tweeted, “Shibarium is ready to shake up the crypto space“.
