The Shiba Inu team has announced two major milestones that promise to improve the utility and dynamics of its network. Shibarium, Shiba Inu’s layer 2 solution, has successfully achieved a substantial milestone in nft minting. At the same time, K9 Finance, the ecosystem’s official staking solution, is set to launch a staking solution for BONE after passing a smart contract audit.
140,000 nfts minted on Shibarium
Shibarium, which is designed to improve transaction speeds and reduce costs for the Shiba Inu ecosystem, has recently seen over 140,000 nfts minted with only about 800 BONE (approximately $310) spent in gas fees. This feat was highlighted by Shiba Inu’s Marketing Director Lucie (@LucieSHIB), who x.com/LucieSHIB/status/1831899768412356721″ target=”_blank” rel=”noopener nofollow”>shared The success story through x.
Lucie highlighted Shibarium’s cost-effectiveness and scalability, stating: “We are excited to share an incredible achievement from our Shiba Eternity closed beta for Leash holders! So far, these dedicated testers have created a staggering 140,000 nfts on Shibarium, demonstrating both the power and scalability of the platform. Even more impressive is the cost-effectiveness – only around 800 BONE has been spent on gas fees for these transactions.”
Lucie further noted that this milestone demonstrates one of Shibarium’s key strengths: the ability to maintain extremely low transaction costs despite high volumes of activity. This feature makes Shibarium ideal for nft projects and other decentralized applications that require high performance and cost efficiency.“This highlights one of Shibarium's key strengths: extremely low transaction costs. Despite the high minting volume, gas fees remain minimal, making it ideal for large-scale nft projects,” he commented.
Lucie added: “And don’t forget: Shib has over 1.4 million on-chain holders, far more than what is currently active, meaning our massive army has not yet fully embarked on this DeFi journey via Shibarium.”
During the beta phase, all gas fees were sponsored, significantly lowering the barrier for creators to participate and create nfts without incurring upfront costs. “As we continue to develop, Shibarium is proving to be scalable and profitable, opening up new opportunities for our community,” Lucie added.
Shiba Inu staking launch date revealed
Meanwhile, K9 Finance is preparing to launch its staking service for the SHIB ecosystem on September 18, following a successful SourceHat audit. This development is intended to provide SHIB holders with the opportunity to earn rewards by staking their BONE tokens, thus contributing to the security and robustness of the network.
K9 Finance’s readiness for this launch was confirmed via a post on x, detailing the successful completion of the smart contract audit and the upcoming staking feature. “Smart contract audit passed. KNINE Liquid staking and farming contracts have been successfully audited by SourceHat. Launch date: September 18th,” the K9 Finance team said. x.com/K9finance/status/1831691299944030212″ target=”_blank” rel=”noopener nofollow”>announced.
The Shiba Inu team described the anticipation surrounding this launch, noting: “K9 has been working tirelessly to improve community engagement and provided updates on their progress. With this staking solution, SHIB holders can lock up their tokens and earn rewards in exchange for securing the network.”
At the time of writing, SHIB was trading at $0.00001320.
Featured image created with DALL.E, chart from TradingView.com
