Last Updated on February 5, 2023 by Bitfinsider
Despite postponing the rollout of the layer-2 blockchain solution Shibarium since last year, the Shiba Inu community has supported the project and its developers, including Shytoshi Kusama. Scalability, quicker transaction times, lower costs, and a larger development framework are all advantages of Shibarium.
Shibarium Beta may open this quarter, according to developers and the Shiba Inu ecosystem’s official Twitter account, but the community still faces a significant problem. It is the Bone ShibaSwap (BONE) token’s listing on the cryptocurrency exchange Binance.
The Shiba Inu team has stated in its official Shibarium blog that BONE will serve as both a reward token for validators and delegators as the exclusive gas token for Shibarium transactions. Since July 2021, the BONE token has been available for governance and is now available for Shibarium. But Binance, the biggest cryptocurrency exchange in the world, hasn’t listed it.
BONE will be the dominant token following the debut of Shibarium. In fact, validators will stake BONE through staking management contracts on the Ethereum mainnet and lock a specific quantity of BONE tokens as security. Delegators will also stake BONE into the validator nodes in charge of approving transactions. The BONE token will be used in the majority of transactions on the Shibarium blockchain.
Additionally, Shibarium transactions will burn Shiba Inu (SHIB) tokens, hence accelerating SHIB’s burn rate. Even though the BONE coin has so many applications, Binance hasn’t put it in its “innovation zone.” A founder must complete a listing application form in order to list BONE in the “innovation zone.” Ryoshi, the man who founded Shiba Inu, is still a mystery. Consequently, it is up to lead developer Shytoshi Kusama to submit the application to Binance.
Amid FUD, the Community Files a Petition
Bitfinsider earlier reported that petitioners, on behalf of the Shiba Inu community, have asked Binance to add support for ShibaSwap’s governance token, BONE. Despite being posted on Change.org, the petition has only gained 923 votes of support then.
The price of BONE has increased by 34% in the past 24 hours to $1.95, with trading volume increasing by 240% to support this price change.
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