Crypto.com, a major cryptocurrency trading platform that saw a spot trading volume above $300 million over the past 24-hour period and plays a critical role in the ecosystem, has listed added support for $BONE, one of the tokens within the Shiba Inu ($SHIB) ecosystem.
The exchange announced the new listing on social media, and comes as the development team prepares for a beta launch of Shibarium, which will allow developers to build scalable apps and launch custom tokens linked directly to the Shiba Inu community.
Shibarium is a layer-2 project that aims to improve the Shiba Inu ecosystem by providing faster transactions at a lower cost, among other important improvements. Shibarium will work alongside Ethereum to process transactions on the Shiba Inu ecosystem. It will take a large cut of the transaction load the Shiba Inu ecosystem currently brings onto Ethereum to process it on the Shibarium chain.
Further, the layer-2 will remove tokens from circulation to reduce supply and help boost the price. This is known as a token burning mechanism, in which tokens are sent to wallets that can only receive tokens but not send them, also called Dead Wallets.
The team behind Shibarium has confirmed that every transaction will burn SIB tokens and require BONE to pay transaction fees, helping boost both tokens. The project’s lead developer, Shytoshi Kusama, remains tight-lipped about specific launch dates to avoid potential delays and disappointment.
Since the start of the year, BONE has surged by 90%, while its value has risen by 28% over the past 30 days, though it has declined by 10% in the last week. The cryptocurrency entered the top 100 by market capitalization last month.
Featured image via Pixabay.