Shiba Inu Lead Developer Responds to Concerns About Shibarium

Shiba Inu lead developer Shytoshi Kusama has taken to Telegram to address certain questions regarding the layer-2 (L2) blockchain Shibarium.

Kusama Speaks on Adding Shibarium Validators

In a recent Telegram message shared by Shiba Inu’s marketing strategist Lucie, Kusama explained why the team has not added more validators on Shibarium since its inception.

About #Shibarium validators… @ShytoshiKusama pic.twitter.com/fJc9mJBl6b

— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 9, 2023

Notably, Shibarium currently has only 12 validators on the network, which hold 26.16 million BONE, worth $19.88 million. Recently, the community has been calling on the team to add more validators to Shibarium to increase the number of BONE staked.

– Advertisement –

However, Kusama explained in his latest Telegram message that the team is more concerned about the safety of Shibarium. According to Kusama, the Shiba Inu team has been using a “particular strategy” to add validators in order to keep the network safe from attacks.

He noted that adding validators spontaneously could jeopardize the security of the L2 blockchain.

“Adding validators spontaneously, as it seems you expect, would put the chain in jeopardy, wouldn’t you agree?” he remarked in response to a user who raised a question about Shibarium staking.

Shiba Inu Increases Staking Rewards

Furthermore, Kusama revealed that the Shiba Inu team has increased staking rewards, which will be rolled out soon. However, he did not mention the network’s new staking rewards.

Kusama also responded to multiple inquiries regarding Shibarium-powered SHIB burns. He emphasized that Shibarium will burn SHIB after the network has accumulated $25,000 worth of BONE. According to Kusama, it will take long before the network will achieve the feat.

“To remedy these things, we continue to work behind the scenes and onboard the right folks to scale and remain quiet as we do not want to reveal our complete strategy,” he added.

Shibarium-Powered SHIB Burns

Meanwhile, prior to the mainnet launch of Shibarium, the team emphasized that the network would contribute to the SHIB burn effort.  

It stated that the network would use 70% of the base transaction fee to incinerate SHIB. However, there is no official platform that tracks the number of accumulated BONE tokens to potentially burn SHIB.

As a result, Shibburn, Shiba Inu’s burn tracker, launched a platform that provides an estimate of the number of transactions needed to accumulate $25K BONE.

Shibarium Needs 5.19 Quadrillion Transactions to Reach $25K BONE

According to Shibburn’s tracker, Shibarium has only amassed 0.51 BONE ($0.38) from transactions on the network. 

Recall that as of September 22, the tracker estimated that Shibarium required 5.39 quadrillion transactions to reach $25K BONE tokens. Now, the network needs to process 5,192,472,627,939,039 (5.19 quadrillion) transactions to accumulate $25K in BONE to incinerate SHIB. 

At press time, Shibarium has only completed 3,382,344 transactions, according to data from Shibariumscan.