Shibarium Bridge: $29M BONE Delegated in Days Since L2 Relaunch

Public L2 relaunch has been going smoothly with a 1,500% scaling upgrade and Polygon assistance.

Skeleton man taking a picture of Shiba inu next to a bridge.
Created by Kornelija Poderskytė from DailyCoin
  • Shibarium L2 cross-chain bridge saw $1.8M ETH stuck on launch day.
  • The blockchain was relaunched after a week of dedicated developer work.
  • Shiba Inu, Bone ShibaSwap soar amid Grayscale’s successful appeal.

Despite having a massive traffic jam on launch day, Shibarium mainnet is again up and running. The relaunched Layer-2 now counts over 153,000 crypto wallets and 463,424 transfers, according to blockchain explorer.

The Shibarium bridge now encompasses $29 million in delegated Bone ShibaSwap (BONE) via 12 network validators. One week in, the growth of the independent blockchain is evident in 21,017,817 staked BONE, the official Shibarium L2 gas fee token. Shytoshi Kusama praised Polygon devs for helping to increase the scalability of Shibarium to meet the high demand.

SHIB Token marketing specialist Lucie SHIB penned a step-by-step guide on how to withdraw funds comfortably from Shibarium to Ethereum, reminding the SHIB Army to stay patient as “using a plasma bridge, delays are common.” The average block production time is five seconds, hinting at sharply running transactions.

Quick Breakout for SHIB & BONE as Grayscale Wins

Though facing an approximate 20% deficit in the last two weeks, both SHIB and Shibarium governance and gas fee tokens soared on Tuesday afternoon after Grayscale won the appeal against the U.S. Securities and Exchange Commission (SEC) for the legal right of converting the Bitcoin trust into a spot exchange trading fund (ETF).

Following the news, Shiba Inu fetched 3% gains to trade at $0.00000835, while $BONE rose by 4% to trade at $1.32, according to CoinGecko. Moreover, the on-chain signals turn green for the #111 crypto by global market capitalization $BONE with a 2.63% net network growth, according to IntoTheBlock blockchain analytics enterprise. Additionally, both tokens recorded a slight increase in concentration, signaling whale accumulation.

On the Flipside

  • Bone ShibaSwap’s smart contract will soon be renounced, meaning no more $BONE could be minted.
  • The community voted to halt $BONE minting to keep the scarcity of the gas fee token.
  • Renouncing $BONE’s smart contract increases the chances of the coin getting listed by major exchanges.

Why This Matters

Shiba Inu’s detachment from Ethereum brings a unique case of a memecurrency with its own Layer-2 blockchain.

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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.