Shiba Inu Introduces Wrapped BONE Token to Boost Engagement with Shibarium Network

Shiba Inu is expanding its Ethereum layer-2 network, Shibarium, and the development team has now created a new token by modifying its governance token BONE. This new token, called Wrapped BONE (WBONE), aims to increase engagement with the Shibarium network. Lucie, Shiba Inu’s Marketing Officer, announced the introduction of WBONE in a tweet on September 3rd. WBONE is a standardized format of the BONE token.

On September 3rd, Lucie, the Marketing Officer of Shiba Inu, made an announcement on Twitter regarding the introduction of Wrapped BONE (WBONE). WBONE is a standardized format of the BONE token and is specifically designed for compatibility with the smart contracts and decentralized applications (DApps) of the Shibarium network. Essentially, WBONE represents the BONE token within the Shibarium network in a standardized and compatible form.

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).

WBONE is used to enhance the compatibility of BONE with other tokens… pic.twitter.com/UOw4R6Kd9A
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 3, 2023

The introduction of Wrapped BONE (WBONE) allows for the integration and bridging of non-native crypto assets with various networks and decentralized applications (dApps). WBONE is specifically designed to be compatible with the smart contracts and decentralized platforms of the Shibarium network on the mainnet.

According to a blog post by the Shiba Inu team, there are plans to renounce the Bone contract and onboard new validators. Further details about the renunciation will be provided during the week. However, the team has already shared the verified contract address for WBONE.

Additionally, the project has announced its intention to create a WBONE token in the future. However, decentralized exchanges may also choose to create a dedicated WBONE token.

Shibarium Nears 1M Transactions

Since its launch in August, the Shibarium network has experienced a surge in user participation. On September 2nd, Fxcryptonews reported that the network achieved a significant milestone of one million created wallets.

According to Shibariumscan, the blockchain explorer for Shibarium, the protocol has recorded nearly a million transactions. These transactions are characterized by their fast speed, with transactions being completed within seconds. It is worth noting that a user previously tested the network’s speed and successfully conducted transactions within four minutes.

While there has been an increase in transactions and wallet creation on the blockchain, the total value locked (TVL) on the network, as reported by DeFiLlama, remains at $1 million. This suggests that users may not be investing substantial funds into the network at this time.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.