Crypto.com, a major cryptocurrency trading platform that plays an important role in the ecosystem and has seen a spot trading volume of more than $300 million over the course of the previous twenty-four hour period, has listed added support for $BONE, which is one of the tokens that are part of the Shiba Inu ($SHIB) ecosystem.
The new listing was revealed on social media by the exchange. This comes as the development team prepares for the beta launch of Shibarium, which will let developers to create scalable applications and launch bespoke tokens directly tied to the Shiba Inu community.
Shibarium is a layer-2 initiative that has the objective of enhancing the Shiba Inu ecosystem in a variety of significant ways, one of which is by making transactions happen more quickly and at a lower cost. In order to conduct transactions on the Shiba Inu ecosystem, Shibarium will be used in conjunction with Ethereum. The transaction load that the Shiba Inu ecosystem now puts upon Ethereum will need to be much reduced for it to be possible to process it on the Shibarium chain.
In addition, tokens that are now in circulation will be taken out of circulation via the layer-2 protocol, which will help drive the price up. Tokens are transferred to wallets that can only receive tokens and not send them. These wallets are referred to as “Dead Wallets,” and the process of sending tokens to them is known as “token burning.”
The developer behind Shibarium has announced that SIB tokens would be burned during every transaction and that BONE will be required to pay transaction fees, which will help enhance the value of both tokens. Shytoshi Kusama, the principal developer of the project, has chosen to maintain silence on exact launch dates in order to reduce the possibility of delays and disappointment.
The value of BONE has increased by 90% since the beginning of the year, and it has increased by 28% during the previous 30 days; but, over the course of the past week, its value has decreased by 10%. In the previous month, the cryptocurrency made its debut in the top 100 as measured by market capitalization.
