- Shibarium L2 devs aim to improve the user experience on the ETH bridge.
- Shibarians to embrace a checkpoint mechanism for fast BONE withdrawals.
- SHIB’s liquid staking partner, KNINE, skyrocketed by 60% following the upgrade.
The vigorous development of Shibarium Layer-2 continues, as the tireless Shibarium developers have implemented a new transfer time for transactions between Shibarium and Ethereum.
ETH Bridge Tweaks Bring Long-Awaited Changes
This highly anticipated Shibarium L2 tweak guarantees a seamless process for SHIB Army members wanting to transact Bone ShibaSwap (BONE) to Ethereum (ETH) without a lock-in period, ensuring a much faster transaction speed of just 45 minutes.
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Previously, the transaction window for BONE was set at seven days, which imposed a challenge on some Shibarium users wanting to manage their digital assets on-chain without a notable delay. The user-friendly system upgrade enables quick Bone ShibaSwap withdrawals from ETH, erasing the initial lock-up period.
In an explanatory message on X, Shiba staff member Lucie S. remarked that the seven-day transaction window was implemented to maintain equilibrium on Shibarium’s blockchain. By promoting longer visits to Shibarium’s chain, the bridge time contributed towards securing a loyal foundation of followers and active Shibarians.
New Upgrade Paves the Way for Dynamic Staking
As Shibarium L2 prevailed nearly a year ago, new decentralized applications (dApps) have been onboarded. Right after 2024 kicked in, Shiba Inu’s lead developer, Shytoshi Kusama, shared a vision of 1,000 new projects being welcomed to the chain. Shiba Inu’s official liquid staking partner, K9 Finance DAO, emerges as a star player in Shibarium’s newcomer list.
K9 Finance DAO’s BONE Crusher dApp maintains similar functionality to Lido Protocol on Ethereum, enabling Web3 enthusiasts to stake their BONE tokens in several different staking protocols at the same time. Operating on a checkpoint mechanism, the new version of the Shibarium to Ethereum bridge is slated to speed up the process of BONE staking on-chain and facilitate participation in chain governance.
The positive technical developments on Shibarium Layer-2 have sparked a double-digit bull rally for the Shibarium-associated K9 Finance DAO (KNINE) token. Boasting a 60.20% upswing over the past 24 hours, according to CoinGecko, KNINE is now priced at $0.00003075.
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Whilst KNINE retraced 91% from the all-time high set on March 10, 2024, the Shibarium LSD coin’s liquidity could expect a powerful boost after K9 Finance releases the initial version of BONE Crusher on Shibarium’s mainnet in Q3 of 2024.
On the Flipside
- K9 Finance DAO’s BONE Crusher dApp enables users to delegate their BONE to Ethereum and receive a Liquid Staking Derivatives token, $knBONE, on Shibarium.
- This way, K9 DAO’s dual token system eliminates the need to manually bridge Bone ShibaSwap (BONE) to Ethereum Layer-1 through the Shibarium to Ethereum bridge.
- Shibarium’s dev team insisted that withdrawals “from this point forward” will be done according to the new order, whilst withdrawals initiated before the announcement are to be carried out in 7 days.
Why This Matters
Bringing speed enhancements to Shiba Inu’s Layer-2 chain is beneficial for both Web3 enthusiasts and the network. Aside from managing their digital assets in a more efficient way, crypto enthusiasts can participate in governance, stake their BONE, and indulge in blockchain gaming without needing to worry about the lock-in periods of their digital assets.
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