SHIBA INU Team Launches Beta L2 Blockchain Platform Shibarium Uses $Bone as Initial Token

• The Shiba Inu Team announced the launch of the beta L2 blockchain platform (Shibarium) that aims to lower gas fees on the Ethereum network.
• Transactions on Shibarium occur “off-chain” and are communicated back to the Ethereum blockchain, resulting in lower costs and faster processing times.
• Shibarium also provides a robust development framework for the community to build their vision into the blockchain, and has potential applications in gaming, social media, education and supply chains.
• The platform also supports Non-Fungible Tokens (NFTs) and has a built-in token, $BONE, which will be used to pay for gas transactions and reward validators and delegators within the protocol. $BONE is currently obtainable through ShibaSwap and other platforms, and is expected to gain more attention and adoption as the launch of Shibarium approaches.

A new blockchain platform, Shibarium, is set to launch as a solution to high gas fees on the Ethereum network from the Shiba Inu team.

The launch of Shibarium is to solve a common barrier for users who want to make small transactions in their daily lives, with additional fees of $50-$100 on top of a fractional purchase of $15, making it impractical and unrealistic for many to use these digital assets in their daily transactions.

Shibarium is a Layer 2 blockchain, which means that transactions happen “off-chain” and are communicated back to the Ethereum blockchain. This allows the Shibarium blockchain to handle most of the processing work, which in turn reduces bandwidth and lowers costs and processing time for users.

Beyond the cost and speed advantages, Shibarium’s development framework provides robust functionality that allows the community to build their vision into the blockchain. Decentralized applications (dApps) are a critical component in the expansion of Web 3, and their uses are almost endless. Gaming, social media, education and supply chains are just some of the many potential uses for dApps at Shibarium.

The platform also supports Non-Fungible Tokens (NFTs) with the ability to create chain-specific NFTs. These tokens can be used for a variety of applications such as event tickets, in-game items, art and music, and digital real estate.

Shibarium and $Bone

Shibarium, the long-awaited Layer 2 blockchain platform, has also announced that its native token, $BONE, will be used to pay for gas transactions and reward validators and delegators within the protocol.

Since its launch in July 2021, the main function of $BONE has been related to governance, but according to the team, it will now also play a crucial role in the upcoming Shibarium launch.

Validators and delegators are awarded a percentage of a token called $BONE that is distributed every time a certain time is reached. They will also get part of another token called TREATMENT. A commission is a fee charged by the validator for operating and maintaining the node. Rewards are distributed based on the amount of tokens each has staked, after validation commission.

The total supply of $BONE is 250 million, with 20 million of these tokens reserved to reward validators and delegators in the coming years. The allocation of these tokens was determined through a decentralized autonomous organization (DAO) process, which was voted on by the Shiba community.

$BONE can currently be obtained through ShibaSwap and other decentralized and centralized platforms, and the contract address is:

0x9813037ee2218799597d83d4a5b6f3b6778218d9.

As the launch of Shibarium approaches, $BONE is expected to gain more attention and adoption as it will be at the forefront of gas transactions and rewards within the protocol.