Users can now stake their BONE and LEASH tokens on the Bitrue crypto exchange to earn up to 10% Annual Percentage Yield (APY) interest in Shiba Inu.
The Singapore-based exchange Bitrue has become the latest digital assets trading platform to step up support for Shiba Inu and its top ecosystem tokens, BONE and LEASH.
The ShibArmy received an exciting announcement from Biture on Wednesday, which revealed that staking of LEASH and BONE to earn up to 10% APY interest in Shiba Inu would be enabled on the widely adopted exchange on July 12 at 13:00 (UTC).
A few hours after this update, the crypto exchange took to Twitter to notify the Shiba Inu community about the commencement of the LEASH and BONE staking pool. “The staking pool is now open, invest your LEASH or BONE to earn SHIB,” the tweet read.
The staking pool is now open, invest your $LEASH or $BONE to earn $SHIB.
? Deposit now https://t.co/T64gAVzJH7 https://t.co/v01xCI61jS
— Bitrue (@BitrueOfficial) July 12, 2023
Accordingly, market participants can then leverage this new opportunity provided by Bitrue to earn more SHIB tokens amid speculations of a probable SHIB rally post-mainnet launch of Shibarium.
This development comes shortly after the exchange, which supports over 700 cryptocurrencies, introduced the LEASH/USDT trading pair on its platform on July 11. It bears noting that Bitrue had earlier listed SHIB and BONE.
Bitrue Hails Shibarium
While Shiba Inu community members anticipate the mainnet launch of Shibarium, Bitrue published a Medium blog on Wednesday to highlight the unique design and significance of the layer-2 scaling solution.
In the welcomed review, the digital assets management platform hailed the project developers and the community for transforming Shiba Inu from being a mere meme coin into a multifaceted ecosystem with vast solutions.
Bitrue noted that Shibarium, which aims at improving investor interest, is designed to adopt the delegated proof-of-stake (DPoS) consensus mechanism.
By using this blockchain algorithm for operations, the L2 solution would significantly increase the transaction speed on the Shiba Inu network, increase network throughput and reduce costs/ gas fees for users.
Overall, implementing Shibarium in the Shiba Inu ecosystem would help improve the network’s scalability without endangering decentralization and security.
As reported by The Crypto Basic, this much-awaited L2 solution is expected to be launched in August with BONE as its gas token. Likewise, BONE has been predicted to hit $2 upon the Shibarium launch.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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