- Shiba Inu introduces Wrapped BONE (WBONE), a new token designed to boost engagement and integration with its layer-2 Ethereum network, Shibarium.
- The Shibarium network is on the verge of reaching one million transactions, indicating increased user engagement, but still maintains a modest Total Value Locked (TVL) of $1 million.
A New Token for a Maturing Network: Wrapped BONE Meets Shibarium
As the blockchain world continues to evolve, so do its diverse ecosystems. One such ecosystem is Shiba Inu’s layer-2 Ethereum network, Shibarium. Amidst growing user engagement, the project’s developers have launched a new token, Wrapped BONE (WBONE), aimed at further enhancing the ecosystem’s reach and utility.
Bridging Assets with Wrapped BONE
In a recent tweet, Lucie, Shiba Inu’s Marketing Officer, unveiled the WBONE token, describing it as a Shibarium-compatible version of the project’s governance token, BONE. Wrapped tokens like WBONE serve a crucial purpose: they act as a bridge, allowing non-native tokens to interact seamlessly with decentralized platforms and smart contracts on the Shibarium network. These wrapped tokens are pivotal in creating an interoperable blockchain infrastructure, giving tokens outside of a given network a format that can engage with that network’s unique architecture.
WBONE stands for Wrapped $BONE, and it is a Shibarium-based token that represents (BONE) in a standardized form compatible with the Shibarium network's smart contracts and decentralized applications (DApps).
WBONE is used to enhance the compatibility of BONE with other tokens… pic.twitter.com/UOw4R6Kd9A
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 3, 2023
WBONE’s introduction is part of a broader strategy. The Shiba Inu team disclosed plans to “renounce the BONE contract” and onboard a new set of validators. More information about this governance shift is anticipated later this week. Meanwhile, the verified smart contract for WBONE has been shared publicly, adding a layer of transparency to the project’s developments.
Shibarium’s Growing Footprint
Since its inception in August, Shibarium has made remarkable strides. According to Shibarium’s own blockchain explorer, Shibariumscan, the protocol is closing in on a significant milestone—nearly one million transactions. Such brisk activity within a relatively short period underscores the network’s growing appeal. Additionally, the Shibarium network flaunts transactions that finalize in mere seconds, an attribute that was validated by a user who conducted transactions in less than four minutes.
Yet, despite this user engagement, the network’s Total Value Locked (TVL) remains relatively modest, standing at $1 million. While this may imply conservative financial involvement from users, it’s worth noting that TVL is just one metric and doesn’t fully encapsulate the network’s potential or the engagement level of its community.
The introduction of WBONE and the impending milestone in transactions collectively suggest a maturing ecosystem, one that is increasingly attractive to both developers and end-users. The trajectory of Shibarium‘s metrics and the introduction of innovative tools like WBONE are strong indicators of an ecosystem in ascendance.