Shiba Inu’s lead developer, Shytoshi Kusama, has responded to concerns and questions regarding Shibarium, the layer-2 (L2) blockchain associated with Shiba Inu (SHIB).
One of the primary concerns from the community has been the relatively low number of validators on Shibarium, currently standing at 12. These validators hold a significant amount of BONE tokens, which are worth millions of dollars. Some community members have been calling for more validators to be added to increase BONE staking.
Kusama explained that the team has been cautious about adding validators to Shibarium, as doing so spontaneously could jeopardize the network’s security. He mentioned that they are using a particular strategy to ensure the safety of the network.
Addressing Shibarium Concerns
In response to concerns about Shibarium staking rewards, Kusama mentioned that the team has increased the rewards but did not provide specific details about the changes.
Regarding SHIB burns on Shibarium, Kusama clarified that the network will burn SHIB tokens once it accumulates $25,000 worth of BONE. He noted that this might take some time, and the team is working behind the scenes to address these issues and onboard the right people to scale the network.
Shibarium was expected to contribute to the SHIB burn effort by using a portion of transaction fees. However, tracking the accumulated BONE for burning SHIB has been a point of concern. Shibburn, a burn tracker platform, estimates that Shibarium needs to process a massive number of transactions to reach the $25,000 BONE threshold for SHIB burns.
At the time of the report, Shibarium had only completed a relatively small number of transactions compared to what is needed to reach the target.
Shibarium is a key part of Shiba Inu’s ecosystem and aims to provide a scalable and efficient blockchain platform for the SHIB community.