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- Shibarium users previously had to wait for seven days for their BONE tokens to be transferred to the Ethereum network.
- The high competition in the meme coin industry has compelled respective developers to enact favoring smart contracts to the users.
Shibarium, Shiba Inu’s layer two (L2) scaling solution on the Ethereum network, has announced that major improvements have been enacted to enhance user experience. According to the announcement, the improvements made to the Ethereum bridge have dramatically reduced the time taken to transfer BONE tokens between Shibarium and the Ether ecosystem.
Henceforth, it will only take 45 minutes for Shibarium users to transfer BONE tokens through the Ethereum bridge. Previously, the Shibarium users had to wait for seven days to transfer their BONE tokens through the Ethereum bridge. Meanwhile, the Shiba Inu development team noted that all transactions not processed before the upgrade would have to be completed in seven days.
“The new system operates on a checkpoint mechanism for BONE token exits, ensuring transactions are processed much faster. This improvement not only benefits BONE holders, who can now manage their assets with enhanced speed levels but also empowers project builders to develop more intricate and time-sensitive applications on the layer-2 chain,”
The Shib announcement noted.
According to the SHIB core developers, the prior seven days enable more users to interact with the Shibarium network. However, the new system allows transactions to be processed much faster, thus not only the users but also web3 developers to build more time-sensitive applications.
Why the Shibarium Upgrade Matters Now
The Shibarium scaling solution has significantly grown in the past few months to more than $2.4 million in total value locked (TVL). The Shibarium network is now home to a dozen decentralized financial protocols such as MARSWAP, DogSwap, ChewySwap, ShibFi, and PunkSwap, among others.
Amid the ongoing meme coin frenzy that has seen frog-themed Pepe (PEPE) recently rally to a new all-time high, Shiba Inu has attracted significant bullish sentiment. However, the previous delay in the Ethereum bridge chased more Shibarium users away to other potentially impressive meme coin projects.
In a bid to keep the network active, the Shiba Inu development team announced that active Shibarium users will be rewarded with an airdrop.
“I’m excited to share some insights about the forthcoming Airdrop on Shibarium. Yes, it’s coming! You’ll be able to earn points simply by bridging to Shibarium, using Shibarium, and holding specific tokens like $LEASH and $Knine. Free tokens will be distributed to everyone involved, with the amount depending on your holdings and activities,”
Shiba Inu’s top executive Lucie noted.
Market Impact on Shiba Inu Price Action
The notable Shibarium development will play a crucial role in the mass adoption of Shiba Inu and its ecosystem tokens. Shiba Inu, a top-tier dog-themed meme coin with a fully diluted valuation of about $26 billion and a daily average traded volume of around $1.3 billion, has rallied more than 12 percent in the last four weeks to trade around $0.000026 on Thursday.
