The Shiba Inu development team has announced a 15% increase in Bone ShibaSwap (BONE) token transactions following enhancements to the Shibarium bridge, significantly cutting down BONE transfer time. This marks a pivotal improvement, enabling BONE transfers in just 45 minutes, showcasing Shibarium’s commitment to technological progress and a streamlined transaction process.
What Changes Have Been Made to BONE Transfers?
Previously, users faced a seven-day lock-in period to transfer BONE tokens from Shibarium to the Ethereum network. This waiting period was designed to prolong interaction with Shibarium’s Layer-2 (L2) solution, potentially supporting the price of Bone ShibaSwap. The update, however, focuses on user experience, network efficiency, and ecosystem stability as crucial market value factors for BONE.
How Will This Impact the Ecosystem?
Lucie Sasnikova, a technology and marketing expert for Shibarium, elaborated on the changes via X (formerly Twitter). She noted that the enhancements would ensure smoother processes for the Shibarium community and residents. This shift is anticipated to bolster Shibarium L2’s dominance among Decentralized Finance (DeFi) protocols.
Key Takeaways for Users
– BONE asset transfers now take 45 minutes, improving transaction efficiency.
– The seven-day waiting period is still applicable for pre-upgrade tokens.
– The Total Value Locked (TVL) on Shibarium has increased by 17%, reflecting growing user confidence.
– Project creators can develop urgent applications on the L2 chain, benefiting from faster transfer times.
According to DefiLlama, Shibarium’s Total Value Locked (TVL) saw a substantial rise of 17% over five days, climbing from $2.11 million to $2.47 million. These changes highlight a strategic shift favoring user convenience and network efficiency, suggesting a positive outlook for the ecosystem.
In conclusion, the Shibarium team has introduced a checkpoint system for BONE token exits, aiming to enhance asset management speed and support complex project developments. However, tokens processed before the update will still adhere to the original seven-day waiting period. Currently, BONE is trading at $0.6926, reflecting a 1.6% dip over the past 24 hours.