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Shibarium TVL Soars 17% Amid Expedited BONE Token Transfers to Ethereum

Shibarium's TVL rises 17%, accelerating BONE token transfers to Ethereum.

Thu, 30 May 2024, 09:53 am UTC

Shibarium's Total Value Locked (TVL) surged 17% as new enhancements expedited BONE token transfers to Ethereum, significantly boosting transaction speed and trading volume.

Shibarium's BONE Transfer Time Slashed to 45 Minutes, Marking a Significant Upgrade and Boosting Efficiency

According to CoinGape, Bone ShibaSwap token holders can transfer their BONE holdings in an unprecedented forty-five minutes. This signifies a substantial upgrade, demonstrating Shibarium's determination to adopt technological progress. Additionally, it proves a more extensive dedication to streamlining operations and increasing efficiency.

As stated by the Shiba Inu development team in an article for TheShibDaily, the transfer of BONE tokens from Shibarium to Ethereum required users to endure a seven-day delay. A lock-in period would be implemented on the BONE tokens for the week, increasing users' time to engage with the Layer 2 (L2) solution, Shibarium.

This period of interaction was considered a potential factor influencing the price of Bone ShibaSwap. The enhancement is additionally advantageous for the cost of Bone ShibaSwap, signifying a strategic shift away from an era in which price was determined by leveraging interaction time. Conversely, the network emphasizes ecosystem stability, user experience, and network efficiency as prospective catalysts for market value creation in BONE.

Lucie Sasnikova, a technology and marketing specialist for Shibarium and the Shiba ecosystem, announced the enhancement in a post on X (previously Twitter)

Moving forward, ecosystem participants would benefit from streamlined processes prioritizing the convenience of community members and network inhabitants.

In addition, the ascendancy of the Shibarium L2 among Decentralized Finance (DeFi) protocols is well-positioned to benefit from this development.

The Total Value Locked (TVL) of Shibarium has increased by 17% in the past five days, from $2.11 million on May 24 to $2.47 million at press time, according to data from DefiLlama.

New System Checkpoints Expedite BONE Transfers, Boosting Asset Management and Application Development on Shibarium

The development team emphasizes that all BONE token departures from the Shibarium ecosystem will be subject to a checkpoint under the new system. As part of the new system:

  • BONE holders will be able to manage their assets faster
  • Project builders can develop complex and urgent applications on the L2 chain.

It is worth noting that this improvement will exclusively be implemented on ongoing transfers; transfers initiated before the upgrade will be required to wait seven days.

The price of BONE has increased by nearly 2% over the last twenty-four hours, reaching $0.6865 at 21:05 GMT, on a 15% surge in trading volume.

Photo: Microsoft Bing

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