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Shibarium Hits 1 Million Blocks Milestone, Showing BONE's Utility

Sat, 05/27/2023 - 14:02
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Tomiwabold Olajide
Shiba Inu's BONE sees growing utility
Shibarium Hits 1 Million Blocks Milestone, Showing BONE's Utility
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Shibarium beta "Puppynet" has now attained the critical milestone of 1 million blocks. According to PuppyScan, the testnet of Shibarium has seen the total blocks produced reach 1,014,430.

A total of 12,836,266 transactions have been processed on the Shibarium testnet since its inception on March 11. Interacting wallet addresses have surpassed the 16 million mark at 16,033,219. The average block time at the time of writing is five seconds.

The Shiba Inu community expressed delight at the latest milestone of 1 million total blocks as it highlights growing bone utility.

What stands out the most about the architecture of the Shibarium network is its design: There is a three-layered architecture in this context.

In the Shibarium network's three-layer architecture, the Bor layer, which has a primary focus on block production, is the third layer. The Bor node, which is the side chain operator featuring EVM compatibility, is also known as the Block Producer implementation.

The fee model is another important aspect of how Shibarium architecture and design operate. Normal transactions result in fees being collected by the Bor layer in the form of BONE tokens, which are then distributed to block producers.

BONE is used as the main token for staking and paying gas fees for Shibarium transactions. This explains the utility of BONE in block production.

Shiba Inu takes step in community protection

In related news, Shiba Inu is taking an extra step to protect the SHIB community from scams.

Lucie, a Shiba ecosystem official, recently shared an update about "Susbarium," a Twitter handle identifying scams within the SHIB ecosystem, saying the account had been renamed to Shibarmy Scam Alerts.

Lucie adds that the Twitter handle is now under the control of Shibarium Tech Discord channel moderators.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.