Should BONE Holders Worry About Shibarium’s Delayed L2 Launch?

Christian Encila

2 years ago

4 mins read

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BONE holders, eagerly anticipating the launch of Shibarium as a promising Layer 2 (L2) scaling solution by Shiba Inu (SHIB), may find themselves grappling with a pressing question: should they be concerned about the delay in Shibarium’s release?

As Shiba Inu strives to address criticisms regarding the practicality of meme coins, the delayed launch of Shibarium raises uncertainties about its impact on the overall utility and value proposition of the token Bone ShibaSwap.

ShibaSwap Ecosystem: BONE Token’s Role And Shibarium L2 Integration

ShibaSwap, a decentralized finance (DeFi) protocol launched in July 2021, offers a range of passive income-generating services such as staking, liquidity pools, and yield farming. Its primary aim is to enhance the utility and capabilities of the Shiba Inu ecosystem.

Latest updates on #Shibarium
A spokeperson from the team said that testing is going well, and they are speeding up the release and, in his opinion (not a fact), August might be a good target for release.#SHIBA #Crypto #BONE #LEASH pic.twitter.com/FJX4ZpK4Fl

— SHIB INFORMER (@ShibInformer) May 23, 2023

Within the ShibaSwap ecosystem, the BONE token functions as a governance token, granting BONE holders the ability to propose and vote on protocol changes through the Shiba Inu Doggy DAO. This empowers the community to actively participate in shaping the future of ShibaSwap.

Furthermore, BONE has an additional crucial role as the gas token for Shibarium, the upcoming L2 blockchain. Currently in its test Beta phase, Shibarium promises to bring improved scalability and efficiency to the Shiba Inu ecosystem.

Meanwhile, the L2 scaling solution of Shibarium will likely be released in July or the third quarter of this year, according to recent statements made by the project’s principal developer:

Yesterday, @shibarium_ guessed that the launch of the mainnet would be in August, while my guess is for Q3 and @ShytoshiKusama guessed July.

Shiba team is confident about the launch and have multiple teams working on it, including AI integration.
Our estimate is for 2023, and…

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 24, 2023

Notably, BONE’s involvement extends to the burning of SHIB tokens, a strategic measure aimed at reducing the circulating supply of the asset and potentially increasing its value in the future.

Source: Coingecko

BONE Token’s Volatility In 2023: Soaring… Descending

BONE, the token empowered by utility, has experienced a turbulent journey throughout 2023. Initially, it climbed to its highest value in over a year during February, but since then, it has suffered a significant decline.

Consequently, nearly all the gains achieved during the initial bullish period in 2023 have been completely reversed. Presently, CoinGecko reports that BONE is valued at $0.760704. Within the last 24 hours, it has witnessed a modest rally of 0.4%, while over the past seven days, it has seen a decline of 1.6%.

SHIB total market cap drops from the $5 billion level. Chart: TradingView.com

Impact Of Shibarium’s Delayed Launch And Prolonged Downtrend

The delayed launch of Shibarium, combined with the prolonged downward trend of BONE, has had a detrimental effect on investor sentiment. As BONE’s price continued to trend downward, many investors found themselves confronted with substantial losses on their holdings.

According to current data, the 30-day MVRV Ratio remained negative throughout May, reaching -12.94% at the time of this report. This indicates that on average, most addresses holding BONE would incur a loss of 12.94%.

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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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