- Shiba Inu’s Shibarium cuts bridge time to Ethereum by 93%.
- Faster transfers aim to improve user experience and network efficiency.
- Upgrade benefits developers, users, and governance participation.
Discover how Shiba Inu’s Shibarium upgrade slashes Ethereum bridge time, boosting network efficiency and user experience.
Shibarium’s Major Upgrade: A Game Changer for Ethereum Transfers
Shiba Inu’s Layer 2 blockchain, Shibarium, has implemented significant improvements to its bridge to Ethereum. This upgrade dramatically reduces transfer times for BONE tokens, the network’s governance token, from seven days to a mere 45 minutes. The move prioritizes user experience and aims to enhance network efficiency.
Positive Momentum and Growing Total Value Locked (TVL)
This development coincides with a period of positive momentum for Shibarium. The network’s Total Value Locked (TVL) has grown by 17% in just five days, reaching $2.47 million. Additionally, the price of BONE has seen an increase of nearly 2% within the last 24 hours, currently trading at $0.6865 amidst higher trading volumes.
Revamping Withdrawal Times to Meet Market Demand
Previously, Shibarium employed a week-long lock-in period for BONE withdrawals. This design aimed to encourage user engagement within the Shibarium ecosystem. However, in recognition of the growing demand for faster transactions, Shibarium has opted to revamp the system to better suit the fast-paced nature of the cryptocurrency market.
Checkpoint System: The Backbone of Faster Withdrawals
The implemented upgrade leverages a checkpoint system specifically designed for BONE token withdrawals. This speeds up processing times, allowing holders to manage their assets with greater speed and capitalize on market opportunities without delays.
Implications for Developers and Users
By enabling faster asset management and deployment, Shibarium becomes more attractive to both developers and users. This could lead to a surge in participation and innovation within the Shiba Inu world. Additionally, this efficiency boost translates to smoother governance participation for stakeholders.
Conclusion
This update coincides with earlier positive news for the Shiba Inu ecosystem. K9 Finance, a meme coin within the SHIB ecosystem, has experienced a price rally exceeding 58%. The token’s price reached a high of $0.0000426, with a market capitalization of $4.56 million. K9 Finance, on its part, is set for a retroactive airdrop designed to reward users for their engagement on the platform.
