GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Shiba Inu’s Shibarium Cuts BONE Transfer Time to Ethereum to 45 Minutes

Shiba-Inu-SHIB-logo-with-red-background

  • Shibarium users previously had to wait for seven days for their BONE tokens to be transferred to the Ethereum network.
  • The high competition in the meme coin industry has compelled respective developers to enact favoring smart contracts to the users.

Shibarium, Shiba Inu’s layer two (L2) scaling solution on the Ethereum network, has announced that major improvements have been enacted to enhance user experience. According to the announcement, the improvements made to the Ethereum bridge have dramatically reduced the time taken to transfer BONE tokens between Shibarium and the Ether ecosystem. 

Henceforth, it will only take 45 minutes for Shibarium users to transfer BONE tokens through the Ethereum bridge. Previously, the Shibarium users had to wait for seven days to transfer their BONE tokens through the Ethereum bridge. Meanwhile, the Shiba Inu development team noted that all transactions not processed before the upgrade would have to be completed in seven days.

“The new system operates on a checkpoint mechanism for BONE token exits, ensuring transactions are processed much faster. This improvement not only benefits BONE holders, who can now manage their assets with enhanced speed levels but also empowers project builders to develop more intricate and time-sensitive applications on the layer-2 chain,”

The Shib announcement noted.

According to the SHIB core developers, the prior seven days enable more users to interact with the Shibarium network. However, the new system allows transactions to be processed much faster, thus not only the users but also web3 developers to build more time-sensitive applications.

Why the Shibarium Upgrade Matters Now

The Shibarium scaling solution has significantly grown in the past few months to more than $2.4 million in total value locked (TVL). The Shibarium network is now home to a dozen decentralized financial protocols such as MARSWAP, DogSwap, ChewySwap, ShibFi, and PunkSwap, among others.

Amid the ongoing meme coin frenzy that has seen frog-themed Pepe (PEPE) recently rally to a new all-time high, Shiba Inu has attracted significant bullish sentiment. However, the previous delay in the Ethereum bridge chased more Shibarium users away to other potentially impressive meme coin projects.

In a bid to keep the network active, the Shiba Inu development team announced that active Shibarium users will be rewarded with an airdrop. 

“I’m excited to share some insights about the forthcoming Airdrop on Shibarium. Yes, it’s coming! You’ll be able to earn points simply by bridging to Shibarium, using Shibarium, and holding specific tokens like $LEASH and $Knine. Free tokens will be distributed to everyone involved, with the amount depending on your holdings and activities,”

Shiba Inu’s top executive Lucie noted.

Market Impact on Shiba Inu Price Action

The notable Shibarium development will play a crucial role in the mass adoption of Shiba Inu and its ecosystem tokens. Shiba Inu, a top-tier dog-themed meme coin with a fully diluted valuation of about $26 billion and a daily average traded volume of around $1.3 billion, has rallied more than 12 percent in the last four weeks to trade around $0.000026 on Thursday.

.

Latest Press

post-thumbnail
News
6 hours ago
Bitcoin Price Stalls at $64,807 as Cash-and-Carry Strategy Dominates Market
Bitcoin’s price has been range-bound, influenced by the cash-and-carry arbitrage strategy. Institu...
READ MORE
post-thumbnail
News
6 hours ago
Ripple Faces Legal Limbo as SEC’s Top Crypto Enforcer Resigns
David Hirsch, SEC’s head of crypto enforcement, resigns after nearly a decade. His departure marks...
READ MORE
default post thumbnail
News
6 hours ago
Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree
Curve Finance’s native token, CRV, saw a dramatic 30% price drop a week ago. The crash, which incl...
READ MORE
default post thumbnail
News
6 hours ago
Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC To Exchanges
Bitcoin (BTC) recently plunged to a one-month low of $64,000, causing concern among bullish investor...
READ MORE
default post thumbnail
News
6 hours ago
Solana Down 40% But Analyst Says Now’s The Time To Buy SOL
Solana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the rec...
READ MORE
default post thumbnail
News
6 hours ago
Dogecoin Weighted Sentiment Drops To 2024 Lows, What Does This Mean For Price?
The crypto industry is now going through another turbulent period, as evidenced by price data in the...
READ MORE
default post thumbnail
News
6 hours ago
Dogecoin, Cardano “Very Bullish” Based On MVRV: Santiment
The on-chain analytics firm Santiment has revealed that Dogecoin and Cardano are two assets that loo...
READ MORE
default post thumbnail
News
6 hours ago
CertiK Faces Fallout After Confessing $3 Million Heist From Kraken, What’s Next?
Cryptocurrency exchange Kraken has announced that it has fallen victim to a major security flaw that...
READ MORE
default post thumbnail
News
6 hours ago
SynFutures to Expand its Perp Markets to Base with New Memecoin Initiative
Singapore, Singapore, June 19th, 2024, Chainwire SynFutures, the leading DeFi derivatives protocol, ...
READ MORE
default post thumbnail
News
6 hours ago
Brett Price Prediction And A New Base Meme Coin To Watch
The broad-based recovery in altcoins today is once again showing the upside potential of Base meme c...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started