Shytoshi Kusama Plans to Change Validator Onboarding Strategy for Shibarium
In response to a message, Shytoshi Kusama, the anonymous co-founder of Shiba Inu and the network supporting Shibarium, announced plans to change how the layer-2 solution onboards validators. The goal is to scale the platform by bringing in the right individuals while keeping their strategy undisclosed. These comments were made by Kusama in a reply shared by Shibarium’s marketing strategist, LucieSHIB. However, the specific details of Shibarium’s scaling plans are still unknown.
Shibarium: A Layer-2 Scaling Platform
Shibarium is a layer-2 scaling platform that utilizes a sidechain for fast and cost-effective transactions. It operates as a Polygon hard fork and relies on the BONE token to power its transactions. To ensure security, Shibarium employs a decentralized network of validators who confirm the validity of transactions on the Ethereum mainnet. The platform has integrated the EIP-1559 standard to provide more predictable gas fees in conjunction with the deflationary nature of BONE.
Validators are required to stake 10,000 BONE in Shibarium’s staking management contracts on Ethereum. In return, they receive rewards for validating transactions and contributing to network decentralization.
State of Shibarium: Decrease in Accounts and Transactions
Shibarium has allocated 21 million BONE tokens to reward validators and delegators who support the ecosystem’s security. Notably, all delegated BONE tokens are distributed among the 12 Shibarium validators. The top validators currently are Shibs of the Round Table and Burn Baby Burn. As of now, approximately 25.9 million BONE tokens have been staked, and blocks on the Ethereum mainnet are confirmed every 23 minutes.
However, since the deployment of the sidechain, there has been a decline in new accounts and transactions. The number of new accounts created decreased from around 150 on September 10 to less than 20 as of October 8. Similarly, active accounts dropped from over 1,500 on September 11 to approximately 500 on October 8. This slowdown has also resulted in lower demand and reduced transaction fees.
Hot Take: Shibarium’s Plans for Scaling
Shibarium, the layer-2 scaling platform built on the Shiba Inu network, is making changes to its validator onboarding strategy to support scalability. While specific details have not been disclosed, the aim is to bring in the right individuals while keeping their strategy hidden. Shibarium relies on a decentralized network of validators and integrates the EIP-1559 standard for predictable gas fees. However, there has been a decline in new accounts and transactions since the platform’s deployment. These changes indicate Shibarium’s need to address challenges in user adoption and transaction volume as it strives for broader scalability and success.
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