HomeNewsWrapped BONE Unleashed: Shiba Inu's Shibarium Network Nears 1 Million Transactions

Wrapped BONE Unleashed: Shiba Inu’s Shibarium Network Nears 1 Million Transactions

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  • 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’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.

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628