What is Shibarium?
5 min readTable of Contents
Shibarium is a layer-2 blockchain developed by the Shiba Inu community that brings innovation and efficiency to the Shiba Inu cryptocurrency ecosystem. Shibarium is designed to provide faster transaction speeds and lower fees compared to other blockchains, making it a cost-effective platform for developers, businesses, and regular users.
Shibarium Ecosystem
The Shibarium ecosystem is comprehensive and includes several key components that together create a robust and dynamic platform:
ShibaSwap: ShibaSwap is a decentralized exchange (DEX) within the Shibarium ecosystem that allows users to trade cryptocurrencies, provide liquidity, and earn rewards through staking and yield farming.
Shib The Metaverse: Shib The Metaverse is a virtual world where users can buy and sell digital land, build structures, and create interactive experiences. This metaverse integrates Shibarium’s blockchain technology, enabling secure and transparent transactions and ownership of digital assets.
Shiba Eternity: Shiba Eternity is a gaming platform within the Shibarium ecosystem that includes various blockchain games where players can earn cryptocurrencies and NFTs for their in-game achievements.
Shib Magazine: Shib Magazine is a digital publication that provides up-to-date information and news about the entire Shiba Inu ecosystem. It offers articles, analyses, and interviews covering a wide range of topics from blockchain technology to community events.
Shib Name: Shib Name is a service that allows users to register unique names on the Shibarium blockchain. These names can be used to identify wallets, projects, or other blockchain entities. The registration cost for a Shib Name is around 0.1 ETH, which includes minting costs and an annual maintenance fee.
Features and Capabilities of Shibarium
Shibarium brings a range of innovative features and capabilities that enhance the user experience and expand the possibilities of blockchain technology:
Fast and Low-Cost Transactions: Shibarium provides fast transaction times and low fees, making it an attractive platform for developing decentralized applications (dApps) and other blockchain projects.
Staking and Rewards: Users can stake their BONE tokens and become validators on the Shibarium network, allowing them to earn rewards for securing and maintaining the network. Current rewards for staking BONE can vary, but rewards are generally distributed in BONE tokens, with users able to earn up to 19% APY depending on staking conditions.
NFT and Gaming Elements: Shibarium integrates NFTs into its games and applications, allowing users to own unique digital assets and trade them on the market.
Security and Transparency: Shibarium uses a proof-of-stake algorithm to ensure network security through BONE staking. A network of nodes validates transactions and maintains the blockchain, ensuring a high level of security and transparency.
Interaction and Collaboration: Shibarium supports the development of decentralized applications (dApps) and other projects that can leverage the network’s advantages and security features. This enables a wide range of applications from financial services to virtual reality and gaming.
How to Stake BONE on ShibaSwap
Staking BONE on ShibaSwap is a great way to earn passive income from your cryptocurrencies. Here is a step-by-step guide on how to do it:
1. Create a Wallet
First, you need a cryptocurrency wallet that supports Ethereum and ERC-20 tokens. We recommend using MetaMask or Trust Wallet.
- MetaMask: Download and install MetaMask from the official website.
- Trust Wallet: Download the Trust Wallet app from the official website.
2. Purchase BONE
You can convert Ethereum (ETH) to BONE on decentralized exchanges like ShibaSwap or Uniswap.
- Connect your wallet to ShibaSwap or Uniswap.
- Select ETH as the base currency and BONE as the target currency.
- Enter the amount of ETH you want to convert to BONE and confirm the transaction.
3. Connect to ShibaSwap
- Visit ShibaSwap.
- Connect your MetaMask or Trust Wallet to ShibaSwap by clicking on “Connect Wallet” and following the on-screen instructions.
4. Select the “Bury” Function
- On the ShibaSwap homepage, select the “Bury” function.
- You will see staking options for SHIB, LEASH, and BONE.
5. Stake Your BONE
- Click on the “BONE” option in the Bury section.
- Enter the amount of BONE you want to stake.
- Click the “Approve” button and confirm the transaction in your wallet (this is a one-time action to allow ShibaSwap to use your tokens).
- After approval, click the “Stake” button and confirm the transaction in your wallet.
6. Track Your Rewards
- After staking, you will receive tBONE tokens representing your staked BONE.
- Staking rewards will be distributed regularly. You can track them in the “Woof” section on ShibaSwap.
- One-third of the rewards can be claimed immediately, while the rest will be locked for six months.
7. Unstaking BONE
- You can unstake your BONE at any time. Go to the “Bury” section, click “Unstake” next to BONE, enter the amount you want to unstake, and confirm the transaction in your wallet.
Future Plans for Shibarium
Future plans for Shibarium include several key initiatives and projects aimed at further expanding and strengthening the Shiba Inu ecosystem:
Further Development of ShibaSwap: There are plans to expand the functions of ShibaSwap, including new liquidity options and token exchange features, providing users with more opportunities for earnings and investments.
Expansion of Shib The Metaverse: Shib The Metaverse will continue to expand with new areas, activities, and user options, including buying and selling digital land, creating new structures, and interactive experiences.
New Games on Shiba Eternity: The development and integration of new games on the Shiba Eternity platform are planned, utilizing Shibarium blockchain technology for secure and transparent gaming experiences.
Development of New dApps: Shibarium will continue to support the development and deployment of new decentralized applications (dApps), leveraging its fast and low-cost transaction capabilities.
Integration with Other Blockchains: Plans to expand Shibarium’s interoperability with other blockchain networks, enabling easier transfer of assets and data between different platforms.
Shiba Inu and Blockchain Technology
Shiba Inu is a cryptocurrency that has gained popularity thanks to its strong and active community. With the advent of Shibarium, this ecosystem has expanded and offered new opportunities and features that provide additional value for users and investors. The integration of blockchain technology within Shibarium allows for the creation of secure, transparent, and efficient digital environments, supporting growth and innovation in the cryptocurrency space.
