Shibarium Hits 300,000 Wallets as BONE Scores New Listing

The smooth-running L2 blockchain smashes multiple technical milestones in a week since public relaunch.

Shiba inu dressed up as a hero, with flying wallets behind him.
Created by Kornelija Poderskytė from DailyCoin
  • Bone ShibaSwap sees new listing ahead of smart contract renunciation.
  • Shiba Inu’s independent L2 blockchain eyes over 336,000 wallets.
  • Average block production time affirms smooth operations.

Shiba Inu’s Layer-2 network continues accomplishing multiple achievements seven days after its public relaunch. Indeed, the blockchain explorer ShibariumScan.io now detects over 336,000 crypto wallets and over half a million transactions. Shibarium’s gas fee token Bone ShibaSwap (BONE) reacted positively to the developments on the mainnet with a 7% weekly increase.

On August 16th, the high demand for the Shibarium mainnet was met with several hiccups, resulting in a temporary network halt. The lead developer, Shytoshi Kusama, dropped a series of blogs about Shibarium’s scaling issue, confirming two additional validators and a 1,500% scaling hike. 

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According to live on-chain data, Shibarium’s average block production time is five seconds, which affirms the upgrade’s success so far. Meanwhile, Kusama recognized the public’s demand for $BONE and announced the upcoming release of a wrapped version of Shibarium’s gas fee token, Wrapped BONE (wBONE).

New Listing Ahead of BONE Contract Renunciation

BitMex, a popular cryptocurrency exchange with nearly $1 million daily trading volume, has announced the listing of BONE on Futures with up to 33x leverage. On top of that, BitMex will also list SHIB/USD & SHIB/USDT Quanto smart contracts. SHIB fetched 2.2% gains to trade at $0.00000825 at the time of this publication.

Quanto smart contracts differ from regular contracts because it has a fixed Bitcoin (BTC) multiplier unaffected by the SHIB/USD pair price. According to the official blog post, traders on BitMex can post margins in $XBT, another name for BTC.

Following the news, Bone ShibaSwap trades at $1.26, according to CoinGecko. With a 7% weekly uptrend, $BONE is yet to reclaim the upper-mid major support line at $1.50, last touched on August 16h, 2023. Notably, crypto traders expect $BONE to become more scarce over time, as the SHIB Army voted to renounce the contract last year.

On the Flipside

  • Delayed BONE smart contract renunciation could prevent major crypto exchanges from listing Shibarium’s gas fee token.

Why This Matters

Shiba Inu’s self-sufficient Layer-2 blockchain brings unprecedented scalability for a memecoin.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
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.