Shibarium Team Confirms That All Transactions Will Need $BONE and Burn $SHIB

Shibarium, a layer 2 blockchain meant to address the problems of the $SHIB token’s host chain Ethereum, particularly poor transaction speed and excessive transaction fees, has released some exciting news for $SHIB HODLers.

Binance Academy has the following to say about Shiba Inu ($SHIB): “Shiba Inu (SHIB) is a meme coin with a dog theme, named after a Japanese dog breed. SHIB was planned by an anonymous developer called Ryoshi as an alternative to Dogecoin (DOGE) on the Ethereum network in 2020.

“SHIB is an ERC-20 token associated with the decentralized exchange ShibaSwap. The SHIB roadmap and ecosystem also includes the Shiba Artist Incubator NFT art incubator, 10,000 ‘Shiboshi’ NFTs, and the Shiboshi Game NFT game.

“Shiba Inu has an initial quantity of 1 quadrillion tokens in circulation. Ryoshi placed 50% of the token in Uniswap in order to establish liquidity and transferred the remaining 50% to Ethereum co-founder Vitalik Buterin’s wallet. Vitalik chose to destroy 90% of the coins and give the remaining 10% to charity.”

On 6 July 2022, Shytoshi Kusama, the name of the Shiba Inu ($SHIB) project’s principal developer, issued a blog post in which he said the following regarding Shibarium:

“Shibarium is a crucial component in the strange conflict which we find ourselves, as it will let us to transfer assets on the blockchain with minimal BONE (gas) costs, enabling microtransactions… Currently, everything is on schedule, and we are going as quickly as possible to finalize this ecosystem component. Developers of xFUND and SHIB have not yet determined a date for the Public Beta.”

The Shibarium team stated earlier today that Shibarium, whose testnet is anticipated to be live within the next few weeks, would require the use of $BONE to pay for transaction/gas costs and will burn $SHIB with each transaction.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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