In a recent communication via Telegram, Kusama, Shiba Inu’s marketing strategist, addressed concerns within the community regarding the current state of Shibarium, the Layer 2 (L2) blockchain associated with Shiba Inu’s ecosystem. The discussion primarily revolved around the number of validators on Shibarium and the burning of SHIB tokens.
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About #Shibarium validators… @ShytoshiKusama pic.twitter.com/fJc9mJBl6b
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 9, 2023
Validator Count: Ensuring Safety Over Quantity
Shibarium currently operates with just 12 validators, collectively holding 26.16 million BONE tokens, valued at approximately $19.88 million. Some community members had expressed a desire for more validators to be added to increase the amount of BONE staked on the network.
Kusama explained the team’s cautious approach, emphasizing the priority of maintaining network security. He mentioned that a “particular strategy” was being employed to add validators gradually to safeguard the network from potential attacks. Kusama argued that spontaneous additions of validators could compromise the chain’s security. The team is taking measures to ensure the stability and integrity of Shibarium.
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Increased Staking Rewards, But Details Remain Unknown
Kusama also revealed that the Shiba Inu team has plans to enhance staking rewards, but specific details about the new rewards were not disclosed during the communication. Community members eagerly await further information about these rewards.
SHIB Token Burns on Shibarium
One of the key aspects of Shibarium was its commitment to contribute to the SHIB token burn effort. The network had initially stated that 70% of the base transaction fee would be allocated to burning SHIB tokens. However, there were concerns about the lack of transparency and an official platform to track the accumulation of BONE tokens for SHIB burns.
In response to this, Shibburn, a burn tracking platform created by the Shiba Inu community, was launched to estimate the number of transactions required to accumulate $25,000 worth of BONE for SHIB incineration. According to Shibburn’s data, Shibarium has so far only amassed 0.51 BONE (approximately $0.38) from transactions on the network.
Notably, on September 22, the tracker estimated that 5.39 quadrillion transactions were needed to reach the $25,000 BONE threshold. Now, the network needs to process a staggering 5,192,472,627,939,039 (5.19 quadrillion) transactions to accumulate the required amount.
As of the latest available data from Shibariumscan, the network has completed only 3,382,344 transactions.
Balancing Security and Community Expectations
Shiba Inu’s Shibarium faces a delicate balancing act between the community’s expectations for increased participation and transparency and the team’s commitment to ensuring the network’s security and stability. The community eagerly awaits further updates on validator additions, staking rewards, and progress towards SHIB token burns as the project continues to evolve.