Shibarium, the layer-2 blockchain for the Shiba Inu ecosystem, has been in the news lately, but not for all the right reasons. Some community members have raised concerns about the network’s security and the slow pace of SHIB burns.
In a recent Telegram post, Shiba Inu lead developer Shytoshi Kusama addressed these concerns. He explained that the team is taking a cautious approach to adding validators to Shibarium in order to keep the network safe from attacks. He also revealed that the team has increased staking rewards, which will be rolled out soon.
Read Also: Shytoshi Kusama: Burns Can’t Solely Raise SHIB Value, Adoption Must Increase. Community Reacts
However, Kusama did not provide a timeline for when Shibarium will start burning SHIB. This has left some community members frustrated, as they are eager to see the supply of SHIB decrease.
About #Shibarium validators… @ShytoshiKusama pic.twitter.com/fJc9mJBl6b
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 9, 2023
Shibarium Security
One of the biggest concerns about Shibarium is its security. The network currently has only 12 validators, which is significantly less than other L2 blockchains. This could make Shibarium more vulnerable to attacks.
Kusama has acknowledged this concern and has stated that the team is working to increase the number of validators on the network. However, he has also emphasized that the team is more concerned about the safety of Shibarium than adding validators quickly.
Shiba Inu (SHIB) Burns
Another major concern is the slow pace of SHIB burns. Shibarium was designed to burn SHIB through transaction fees. However, the network has only processed a few thousand transactions so far, which means that very few SHIB tokens have been burned.
Kusama has stated that it will take time for Shibarium to start burning significant amounts of SHIB. He has also explained that the team is working to onboard more projects to Shibarium, which will increase the number of transactions on the network and lead to more SHIB burns.
Read Also: Shiba Inu Core Developer Shytoshi Kusama Unveils Shibarium Upgraded Features
Supporting Long-Term Growth
While it is understandable that some community members are frustrated with the slow pace of development and SHIB burns, it is important to remember that Shibarium is still a very new project. The team is taking a cautious approach to ensure that the network is secure and scalable.
It is also important to note that Shibarium is not just about burning SHIB. The team is also working to develop a variety of other features and applications for the network. This includes a decentralized exchange (DEX), a non-fungible token (NFT) marketplace, and a gaming platform.
If the team is successful in developing these features and applications, Shibarium could become a major player in the crypto ecosystem. This would ultimately benefit the SHIB community by increasing the demand for SHIB and driving up the price.
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