BTC-Newswire

Shiba Inu’s Shibarium: Should L2’s delayed launch concern your BONEs?

Press Releases Crypto News AMB-Crypto Shiba Inu’s Shibarium: Should L2’s delayed launch concern your BONEs?

Memecoins have created a flutter in the crypto-markets ever since they burst on to the stage. Their valuation, unanticipated price fluctuations, and their connections to tech czars have become a subject of significant coverage, both within and outside crypto-circles. However, critics have often questioned the lack of real world utility of this set of crypto-assets. Shiba Inu [SHIB], the second-largest memecoin with a market cap of more than $5 billion, has tried to address these concerns through the launch of applications like layer-2 (L2) scaling solution – Shibarium – and the decentralized exchange (DEX) ShibaSwap. At the heart of these projects, lies the token Bone ShibaSwap [BONE].

The utility-enabled token, BONE, has had a roller-coaster ride in 2023. After climbing all the way upto its highest value in more than a year in February, the altcoin has descended sharply in subsequent months.

As a result, effectively all the gains made in the initial bull run of 2o23 have been reversed. At the time of publication, BONE was tottering at $0.7659, down 1.35% in the last 24 hours, as per CoinMarketCap data.

Realistic or not, here’s BONE’s market cap in SHIB’s terms

The ‘BONE’ of contention

ShibaSwap is a decentralized finance (DeFi) protocol offering passive income-generating services like staking, liquidity pools, and yield farming. Launched in July 2021, its primary objective is to expand the utility and capability of the Shiba Inu ecosystem.

BONE serves as a governance token within the ShibaSwap ecosystem, thus enabling BONE holders to propose and vote on changes to the ShibaSwap protocol through the Shiba Inu Doggy DAO.

Apart from this, BONE serves as the gas token for the upcoming L2 blockchain, Shibarium, which is currently in its test Beta phase.

Go to Source to See Full Article
Author: Suzuki Shillsalot

Did you like this?
Tip BTC Newswire with Cryptocurrency