Shiba Inu Team Says BONE Rewards Are “More Favorable” on Shibarium Compared to Shibaswap

Shibarium is yielding more BONE rewards than Shiba Swap.

Bone Shibaswap (BONE) rewards are “at present” more favorable on Shiba Inu’s newly launched layer-2 network Shibarium than on the more popular Shibaswap DEX built on the Ethereum network. Shibarium Ecosystem team member Lucie confirmed the development and provided suggestions for SHIB and LEASH holders considering whether to bridge assets to Shibarium.

My personal opinion on Shib & Leash for holders :

Wait, stay on Shibaswap and when Shibaswap 2 launch, bridge to Shibarium

ONLY MY OWN DECISION

— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 30, 2023

– Advertisement –

Recall that BONE is the primary native asset on the Shibarium network, which has seen tremendous user growth since going live this week. Investors can stake BONE to support validators and collect staking rewards for contributing to the network’s growth.

Following the launch of validator staking on Shibarium, many investors have been caught between keeping their BONE assets on Ethereum or transferring them to the newly launched layer-2. Evidently, such investors must now consider team lead Lucie’s assertion that “rewards are more favorable on Shibarium compared to Shibaswap.”

Frequently Asked Question:

“Is it necessary to unstake on Shibaswap?”

If you’re planning to transition to Shibarium, yes! You’ll have to transfer your tokens using the bridge. ( https://t.co/yb7ZQ3bDBx )

Now, should you make the move?

While Shibaswap 2 isn’t active yet,…

— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 30, 2023

To Unstake From Shibaswap or Not?

Investors reserve the right to choose whether to unstake BONE from Shibaswap in favor of a move to Shibarium to earn higher rewards. However, those who do so can always use Shibarium’s newly reopened bridge to transfer assets to the layer two network and select their preferred validator. There are currently 12 validators on the network.

Many SHIB investors have already moved to Shibarium, with the total amount of BONEs staked on the network currently standing at 22,020,508.0129 tokens (appr. $27.5 million). The figure means that one million tokens have been added to the validator pool since the last coverage on The Crypto Basic, when the total number stood at 21 million.

Time will tell whether the new L2 will continue to attract more deposits and reach its goal of becoming the home for SHIB and its broader ecosystem. The early signs, though, favor a positive outcome with total valued locked (TVL) on the network surpassing $1.3 million and a third-party developer confirming that bridge transfer takes under four minutes to complete.

Meanwhile, another development that could spur further growth on the Shibarium network is the impending launch of Shibaswap 2 on the L2 network. Lucie reckoned that SHIB and LEASH holders may be better off continuing to provide liquidity on Ethereum-based Shibaswap. These investors may bridge their assets to Shibarium when Shibaswap 2 goes live.