“LucieSHIB”, the Marketing Strategist for the Shiba Inu Ecosystem, has confirmed that Shibarium, their recently launched layer-2 network, offers more favorable BONE rewards than ShibaSwap, the decentralized exchange (DEX) built on the Ethereum network. Lucie provided this information to guide holders of SHIB and LEASH tokens who are contemplating whether to transfer their assets to Shibarium.
The Shiba Inu cryptocurrency project, rooted in the popular Shiba Inu dog meme, presents itself as a rival to Dogecoin and runs on the Ethereum blockchain. The Shiba Inu (SHIB) ecosystem comprises three unique tokens, each serving a particular purpose within the project.
SHIB, as the main token, acts as a decentralized, community-driven currency that is accessible to millions of users around the world. Having launched on the Ethereum blockchain in late 2020, SHIB has since gained global attention and can be used for payment at various locations, either directly or through intermediary services.
BONE serves as the governance token in the ecosystem, with a total supply of 250 million. BONE enables the Shib Army to participate in decision-making by voting on proposals through the Doggy DAO. Additionally, BONE serves as the primary native asset on the Shibarium network.
The third token, LEASH, has a limited supply of 107,646 and offers exclusive benefits to dedicated supporters of the ecosystem. LEASH holders have experienced advantages such as increased BONE rewards for providing liquidity to ShibaSwap, exclusive rights to mint Shiboshi NFTs, and priority access to land sales within the “SHIB: The Metaverse project.”
BONE has seen a surge in user activity since its inception. Investors can stake BONE to back network validators, earning staking rewards that contribute to the network’s expansion. Following the introduction of validator staking on Shibarium, investors face a decision: to keep their BONE assets on the Ethereum network or migrate them to Shibarium.
For those considering a move from ShibaSwap to Shibarium, it’s crucial to first unstake tokens from ShibaSwap. Shibarium’s recently reopened bridge allows for the smooth transfer of assets to the layer-2 network, which currently has 12 validators. They must then visit the Shibarium page to delegate to their preferred validator.
Shibarium has already garnered significant interest, with more than 22 million BONE tokens (valued at approximately $27.5 million) staked on the network. This marks an increase of one million tokens in the validator pool since the last update. Early metrics point to a bright future for Shibarium, with the total value locked (TVL) surpassing $1.3 million and bridge transfers completing in under four minutes.
Lucie believes it might be better for SHIB and LEASH holders to continue providing liquidity on Ethereum-based ShibaSwap and bridge their assets to Shibarium when ShibaSwap 2 goes live.