Shared Uses for Shibarium as Detailed by SHIB Group

In a recent announcement, the Shiba Inu team has shared exciting updates about their Layer-2 network, Shibarium. The Shiba Inu community, also known as the "ShibArmy," has been actively supporting this project, with Shibarium operating as a blockchain for Ethereum that uses the SHIB token for gas fees.

The most notable development is the significant increase in the SHIB burn rate. Over the past day, the burn rate has surged by an impressive 6,354%. This increase has led to a cumulative burn of SHIB coins amounting to 4,559,620 coins, adding to the total of 410,752,272,987,842 SHIB coins that have been burned so far.

The Shiba Inu team has highlighted eight key functions available on the Shibarium network. These include swapping tokens on Shibarium-based decentralized exchanges (DEXes), staking BONE tokens, bridging assets from Ethereum, minting NFTs, and sharing content on the @letsHypeIt platform. Another notable function is the ability to get your own name with Shibarium Domains.

However, it is essential to note that all transaction fees on Shibarium must be paid in BONE tokens. This development could potentially impact the circulating supply of both SHIB and BONE tokens, as more transactions occur on the network.

The ShibArmy is encouraged to explore the opportunities that Shibarium offers, as the team believes that avoiding it could mean missing out on potential benefits. The future of this Layer-2 network for Ethereum is promising, and the community looks forward to seeing its continued growth and development.

As of now, the current circulating amount of Shiba Inu stands at 584,688,572,323,718 coins. With the increasing burn rate and the introduction of Shibarium, it will be interesting to see how these developments shape the future of the Shiba Inu ecosystem.