- Shibarium’s revised validator onboarding strategy aims for selectivity and scalability.
- The platform leverages decentralized validators and EIP-1559 to enhance security and gas fee predictability.
- A decline in new accounts and transactions sparks questions about Shibarium’s current state.
In a recent communication, Shytoshi Kusama, the anonymous co-founder of Shiba Inu and the driving force behind Shibarium, revealed plans to revise the platform’s approach to onboarding validators. This decision comes in response to recent adjustments that have led to increased rewards within the network. Kusama expressed the intention to selectively bring aboard validators who align with their scaling objectives. However, they emphasized a commitment to maintaining a discreet profile regarding their complete strategic plan.
Evolving Validator Onboarding Strategy
These insights were shared by a representative claiming to be Shibarium’s marketing strategist under the pseudonym “LucieSHIB.” As of October 9, the specifics of Shibarium’s scaling plans remain undisclosed. Shibarium already operates as a layer-2 scaling solution, designed to enhance transaction speed and reduce fees significantly.
Shibarium functions as a sidechain, inheriting attributes from Polygon and specializing in swift and cost-effective transactions, leveraging the BONE token.
To ensure the network’s security, Shibarium relies on a network of decentralized validators tasked with confirming the validity of transactions before they are submitted to the Ethereum mainnet. In alignment with industry standards, such as EIP-1559, Shibarium seeks to introduce more predictable gas fees, especially in the context of BONE’s deflationary nature.
Validators are required to commit 10,000 BONE to Shibarium’s staking management contracts on Ethereum. In return, the platform rewards these node operators for their crucial role in ensuring transaction validity and maintaining network decentralization, thereby enhancing overall security.
Current State of Shibarium: Account and Transaction Trends
Shibarium has allocated 21 million BONE for rewarding validators and delegators who contribute to the ecosystem’s security. A noteworthy aspect of this arrangement is that all delegated BONE is distributed among the 12 Shibarium validators.
Tracking data indicates that “Shibs of the Round Table” and “Burn Baby Burn” are the leading validators. In total, 25.9 million BONE tokens have been staked, with Ethereum mainnet blocks being confirmed approximately every 23 minutes.
Despite an initial surge in user engagement with BONE staking, there has been a noticeable decline since the sidechain’s deployment. The number of new accounts created has dwindled from approximately 150 on September 10 to fewer than 20 as of October 8.
Furthermore, the count of active accounts on October 8 stands at approximately 500, a notable drop from the 1,500 recorded on September 11. This decline has also resulted in reduced transaction activity, which, in turn, has led to decreased demand and considerably lower transaction fees.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.