Shiba Inu's BONE was a top gainer among the "Doggone Doggerel" class tracked by CoinMarketCap. This includes all dog-themed cryptocurrencies, with BONE ShibaSwap ranking third after Shiba Inu and Dogecoin.
At the time of writing, BONE was up 13% at $1.34, outperforming SHIB, which was up 3.72% at $0.0000104 at press time. The optimism around the BONE token draws from the impending launch of the Layer 2 Shibarium beta.
As previously reported, BONE was declared the native token selected to pay for gas transactions and reward validators and delegators within the Shibarium protocol.
It has been the Shiba Inu ecosystem's governance token since its launch in July 2021, but now it also serves as gas and rewards for the Shibarium blockchain. With a fixed total supply of 250 million BONE, 20 million tokens have been reserved to reward validators and delegators.
First glance into Shibarium
Shiba Inu developers revealed the first look of Layer 2 Blockchain Shibarium in a blog post. Shibarium's validators will lock up BONE to run the Heimdall validator, an open-source validator software that can be used to participate in different blockchain networks, and Bor block producer nodes. Bor is the EVM-compatible layer responsible for block production.
Currently, the number of validators is limited to 100 slots. Becoming a validator requires setting up and running a node, as well as staking a minimum of 10,000 BONE.
Shibarium's launch could boost the fundamentals of Shiba Inu's ecosystem tokens: Shiba Inu (SHIB), Doge Killer (LEASH) and BONE ShibaSwap (BONE).
As announced by the official Shibarium Twitter account, a certain amount of SHIB will be burned by each transaction on Shibarium, but the exact number is yet unknown.
The news of the upcoming Shibarium beta launch has been met with joy and excitement by the SHIB community. Shibburn, a burn initiative, tweeted, "Shibarium is set to shake up the crypto space."
Shiba Inu developer SHIB Trophias tweeted, "Start your engines."