According to the developers, the network will be launched this week

​BONE token rate rises by 16% ahead of the Shibarium launch

08.03.2023 - 09:45


2 min

What’s new? The official launch of the public beta version of the Shibarium network will take place this week, the project’s representatives reported on Twitter on March 7. Amid the news, the token for governing the decentralized exchange (DEX) ShibaSwap and paying fees on Shibarium called Bone ShibaSwap (BONE) rose by 16,4% to $1,76.

What is known about the project? Shibarium is a Layer 2 (L2) solution for scaling the Shiba Inu (SHIB) meme coin ecosystem based on the Ethereum blockchain. Work on it began in December 2021. The project aims to remove barriers to small transactions, improve speed, reduce fees, and integrate non-fungible tokens (NFTs). It will also enable the community to develop decentralized applications (DApps) and their own coins and make it easier for SHIB to enter the metaverse space.

The Shibarium team said the launch will be open to the public, allowing everyone to learn about the new protocol. Users will need a BONE token to operate in the ecosystem. SHIB holders can purchase BONE for a very low fee. The key will be the implementation of a burning mechanism of SHIB, which will be triggered with every transaction on the network. Shibarium is not positioned as a tool to increase the price of SHIB.

Cryptocurrency burning is the process of removing a certain number of tokens from circulation, after which they become permanently inaccessible. Often burning is carried out in order to increase the rate of an asset or prevent it from inflation. Burning can be done by sending tokens to a wallet without a private key, by conducting a hard fork, using special software, or using algorithms that destroy some of the funds during transactions.

In February 2022, the team announced the launch of the Shiberse metaverse, where users will be able to buy virtual items and real estate.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy