Shibarium TVL Soars 17% Amid Expedited BONE Token Transfers To Ethereum
Highlights
- Shibarium bridge has improved BONE token transfer speed from seven days to around 45 minutes.
- Enhancement will apply to current and future transfers only, as those initiated before the upgrade are subject to seven-day wait.
- Shibarium TVL has soared by 17% as BONE trading volume rises by 15%.
Bone ShibaSwap token trading volume is up 15% after recent Shibarium bridge enhancements that have reduced BONE transfer time significantly.
BONE Transfers To Happen In 45 Minutes On Shibarium Bridge
The Bone ShibaSwap token holders will be able to move their BONE holdings in a record 45 minutes. It marks a significant upscale, reflecting Shibarium’s resolve to embrace technological advancement. It also reflects a broader commitment to delivering streamlined operations and more efficiency.
According to the Shiba Inu development team on TheShibDaily post, users had to endure a seven-day wait before their BONE tokens could move from Shibarium to Ethereum. During the week-long wait, the BONE tokens would be subjected to a lock-in period meant to elongate the length of time users would interact with the Layer 2 (L2) solution, Shibarium.
This interactive period was seen as a possible driver for the Bone ShibaSwap price. The improvement is also bullish for the Bone ShibaSwap price, marking a strategic transition from an era leveraging interaction time to influence price. Instead, the network is prioritizing user experience, network efficiency, and ecosystem stability as possible market value drivers for BONE.
Shibarium and the Shiba ecosystem technology and marketing specialist, Lucie Sasnikova revealed the improvement in a post on X (formerly Twitter).
Shibarium Bridge Enhancements Decrease BONE Transfer Time from 7 Days to 45 Minutes – The Shib Daily https://t.co/2yH964q8uI
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 29, 2024
Henceforth, ecosystem participants would enjoy more seamless processes for the convenience of community members and network inhabitants.
The dominance of the Shibarium L2 is also primed to benefit from this upscale among Decentralized Finance (DeFi) protocols.
Data according to DefiLlama shows that the Total Value Locked (TVL) of Shibarium has soared by 17% in five days, from $2.11 million on May 24 to $2.47 million at press time.
BONE Token Transfers Under New System Of Operation
The development team highlights that based on the new system, there will be a checkpoint for all BONE token exits from the Shibarium ecosystem. Under the new system:
- BONE holders will be able to manage their assets faster
- Project builders can develop complex and urgent applications on the L2 chain.
Notably, this enhancement will only apply for current transfers, meaning those that had been initiated before the upgrade would be subject to the seven-day wait.
BONE price is up almost 2% in the past 24 hours to trade for $0.6865 as of 21:05 GMT, on trading volume that surged 15%.
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