The lead developer of Shiba Inu has stepped forward to talk about concerns regarding Shibarium. In this discussion, the lead developer aimed to clarify and address the community’s worries. Importantly, this might increase investor’s confidence in the cryptocurrency.
‘We Use a Particular Strategy to Add Validators to Ensure Safety,’ Lead Dev Says
Shiba Inu’s marketing strategist, Lucie, shared the recent telegram message of Kusama on X. Notably, Kusuma explained why the team has not been adding more validators on Shibarium since it was launched.
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 9, 2023
Recently, the SHIB army has been telling the team to bring in more validators to Shibarium to increase the amount of BONE staked. Kusama responded to them in his latest Telegram message, stating that the safety of Shibarium is the team’s major priority.
Furthermore, he said that they (Shiba Inu Team) have been using a special pattern to add validators to prevent attacks. In response to a user asking a question about Shibarium staking, Kusama said, “Adding validators spontaneously, as it seems you expect, would put the chain in jeopardy, wouldn’t you agree?”
Meanwhile, the Shibarium network currently has only 12 active validators, and they hold 26.16 million BONE tokens. This represents about $19.88 million of its current value.
Kusama Hints that Staking Rewards Will Increase Soon
Additionally, Kusama shared that the team has raised the staking rewards. He said, “Rewards have been increased and forthcoming.” According to his message, this change will be implemented soon. However, he didn’t mention any details about the network’s brand-new staking rewards.
Also, he responded to several questions regarding the Shibarium-powered SHIB burns. He stressed that the SHIB burning will occur after the network has gathered $25,000 worth of BONE but also stated that the network achieving this feat will take longer than expected.
He added, “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.”
Shibarium-Driven SHIB Token Burns
Meanwhile, before Shibarium’s main launch, the team clarified that the network would play a part in the SHIB burning mechanism. According to the team, it’ll help reduce the amount of SHIB tokens in circulation as 70% of the main transaction fee would be used to destroy SHIB.
However, no formal platform keeps track of how many BONE tokens are collected to burn SHIB possibly. Interestingly, Shiba Inu’s burn tracker, Shibburn, has developed an app that could provide an estimated number of transactions needed.
You may have noticed that our previous estimate on Shibarium wasn’t too far off based on the average fee at first, until yesterday when the tracker calculated blocks from last week. The transactions during that time, especially around September 12 and 13, had significantly higher… pic.twitter.com/MIrslUbo7r
— Shibburn (@shibburn) September 22, 2023
As of September 22, the tracker estimated that Shibarium needed 5.39 quadrillion transactions to gather $25,000 BONE tokens. The network must still handle 5.19 quadrillion transactions to reach the same goal of $25,000 in BONE to burn SHIB tokens.
Meanwhile, according to Shibariumscan data, Shibarium has processed 3.38 million transactions.
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