Shiba Inu BONE was one of the big winners in the “Doggone Doggerel” class tracked by CoinMarketCap. This includes all dog-themed cryptocurrencies, with BONE ShibaSwap coming in third behind Shiba Inu and Dogecoin.
At press time, BONE was up 13% to $1.34, outpacing SHIB, which was up 3.72% to $0.0000104. The optimism around the BONE token stems from the imminent launch of the Shibarium Layer 2 beta.
As previously announced, BONE has been announced as the chosen native token to pay for gas transactions and reward validators and delegates under the Shibarium protocol.
It has been the shiba inu ecosystem governance token since its launch in July 2021, but now it also serves as gas and reward for the shibarium blockchain. With a fixed total volume of 250 million BONE, 20 million tokens were reserved to reward validators and delegators.
First Look at the Shibarium
The Shiba Inu developers revealed the first glimpse of the Shibarium layer 2 blockchain in a blog post. Shibarium validators will block BONE to run the Heimdall validator, an open source validator software that can be used to participate in various blockchain networks and Bor block production nodes. Bor is the EVM-compatible layer responsible for block production.
The number of validators is currently limited to 100 slots. To become a validator, you need to install and manage a node and stake a minimum of 10,000 BONE.
The launch of Shibarium could improve the token fundamentals of the Shiba Inu ecosystem: Shiba Inu (SHIB), Doge Killer (LEASH) and BONE ShibaSwap (BONE).
According to the official Shibarium Twitter account, a certain amount of SHIB will be burned with each transaction in Shibarium, but the exact amount is not yet known.
The news of the upcoming Shibarium beta launch was greeted with joy and excitement by the SHIB community. Shibburn, a burn initiative, tweeted: “Shibarium is poised to shake up the crypto space.”