Shiba Inu's ecosystem token, BoneShibaSwap (BONE), is arguably one of the biggest beneficiaries of the latest Shibarium news with an 8% growth rate over the past 24 hours. BONE is currently trading at a spot price of $1.68, charting a steady attempt to pare off the losses it has accrued over the past seven days.
As reported earlier by U.Today citing updates from the Shibarium development team, the public beta for the Layer 2 protocol is set to go live this week, giving everyone the opportunity to behold the capabilities of the new smart contract hub. BONE has a direct role to play in the Shibarium ecosystem as the primary token designated to power the protocol.
This implies that the utility for BONE will increase, and the token is set to see increased buy-ups in the near future. BONE has had an active price history over the years and in the year-to-date period - with relatively lower volatility when compared to the other tokens in the larger ecosystem, particularly SHIB.
In the year-to-date period, BONE has recorded 92.64% growth, making it one of the top-performing altcoins in the memecoin ecosystem.
Start of new era
The advent of the Shibarium protocol is bound to be the start of a new era for BONE and every other token in the Shiba Inu world. While BONE will play a frontline role in its use for transaction fees and other utilities, SHIB will become more deflationary as a portion is burnt with each transaction on the network.
There are thousands of projects that have indicated willingness to build on the Shibarium protocol, and again, the crypto ecosystem will be getting another high-performance Layer 2 that will compete with the likes of Polygon (MATIC) and Optimism, (OP) among others.