Shiba Inu Lead Developer Introduces Shibarium-Based Wrapped BONE As Shibarium Nears 1M Transactions

Shiba Inu’s WBONE token will allow for seamless integration with decentralized platforms.

As Shiba Inu continues to expand its Ethereum layer-2 network Shibarium, the project’s development team has announced the creation of a new token by modifying its governance token BONE. The new digital currency could increase engagement with the Shibarium network.

In a September 3rd tweet, Lucie, Shiba Inu’s Marketing Officer, announced the introduction of the Wrapped BONE (WBONE), the standardized format of the BONE token. 

WBONE stands for Wrapped $BONE, and it is a Shibarium-based token that represents (BONE) in a standardized form compatible with the Shibarium network’s smart contracts and decentralized applications (DApps).

Wrapped tokens are designed to allow non-native crypto assets to be integrated and bridged with several networks and decentralized applications (dApps). WBONE achieves this by being compatible with the Shibarium network’s smart contracts and decentralized platforms built on the mainnet.

In a blog post, the Shiba Inu team noted that it will soon “renounce the Bone contract” and onboard new validators to join its cohort of validators. Details about the renunciation are expected during the week. On the other hand, the team shared the verified contract for WBONE.

Moreover, the project said it would create a WBONE token in the future. Nonetheless, decentralized exchanges may decide to create a dedicated WBONE token.

Shibarium Nears 1M Transactions

Since going live in August, the layer-2 Shibarium network has garnered increased user participation. On September 2nd, The Crypto Basic reported that the network attained a milestone of one million created wallets.

According to Shibarium’s blockchain explorer Shibariumscan, the protocol has recorded nearly a million transactions. These increments are accompanied by speedy transactions that are concluded in seconds. Recall that a user once tested the network’s speed by performing transactions in four minutes.

While the blockchain is seeing increased transactions and wallet creation, its total value locked (TVL), as revealed by analytics platform DeFiLlama, still sits at $1 million. This suggests that users may be investing little funds into the network.