Shiba Inu’s lead developer, Shytoshi Kusama, has addressed questions about Shibarium, the layer-2 (L2) blockchain, in a recent Telegram message shared by Lucie, the marketing strategist for Shiba Inu.
Explaining the Limited Validators on Shibarium
Currently, Shibarium operates with just 12 validators, holding 26.16 million BONE, valued at $19.88 million. The community has been urging the team to add more validators to boost BONE staking.
Kusama clarified their approach in response, emphasizing their commitment to Shibarium’s safety.
“Adding validators spontaneously, as it seems you expect, would put the chain in jeopardy, wouldn’t you agree?” he remarked in response to a user who questioned Shibarium staking.
Kusama highlighted the risks of adding validators hastily, emphasizing that such a move could compromise the network’s security.
Kusama also disclosed that Shiba Inu is set to roll out enhanced staking rewards, though he didn’t specify the details of these rewards.
Addressing Shibarium-Powered SHIB Burns
Kusama responded to inquiries about SHIB burns on Shibarium. He explained that Shibarium would burn SHIB once the network accumulated $25,000 worth of BONE. He acknowledged that reaching this target might take some time.
“To remedy these things, we continue to work behind the scenes and onboard the right folks to scale and remain quiet as we do not want to reveal our complete strategy,” he added.
Shibarium’s Role in SHIB Burns
Before Shibarium’s mainnet launch, the team had underlined its commitment to contribute to the SHIB burn initiative. They intended to use 70% of the base transaction fee to incinerate SHIB. However, there’s no official platform tracking the accumulation of BONE tokens for potential SHIB burns.
To address this, Shibburn, Shiba Inu’s burn tracker, introduced a platform estimating the number of transactions required to accumulate $25K in BONE.
A High Transaction Threshold for SHIB Burns
Shibburn’s tracker revealed that Shibarium has only gathered 0.51 BONE ($0.38) from network transactions. Earlier estimates on September 22 suggested that Shibarium needed 5.39 quadrillion transactions to accumulate $25K in BONE tokens for SHIB burns. It’s estimated that the network requires 5.19 quadrillion transactions to reach this goal.
As of now, Shibarium has completed 3,382,344 transactions, according to Shibariumscan data.