Shibarium Adopts New Strategy: Selective Validator Onboarding for Enhanced Security and Efficiency.

Shibarium strategy

Shytoshi Kusama, in response to a message, has unveiled Shibarium’s plans to revamp its validator onboarding strategy. This move follows recent changes that resulted in increased rewards on the platform. Kusama, the anonymous co-founder of Shiba Inu, the network supporting Shibarium, stated that the new plan aims to onboard the “right individuals to scale effectively.” However, the details of this strategy will remain discreet, as the team does not wish to disclose their full approach.

Changing Validator Onboarding Strategy

These revelations from Kusama were shared by “LucieSHIB,” a representative claiming to be Shibarium’s marketing strategist. As of October 9th, it remains unclear what Shibarium has in store for scaling, given that it is already a layer-2 scaling platform designed for fast and cost-effective transactions.

Shibarium operates as a platform that employs a sidechain for processing transactions, stemming from its status as a Polygon hard fork. This design enables swift and economical transactions facilitated by the BONE token.

For security, Shibarium relies on a decentralized network of validators to confirm the legitimacy of transactions before they are submitted to the Ethereum mainnet. Like Polygon and Ethereum, Shibarium has integrated the EIP-1559 standard, which promises “more predictable gas fees” in a BONE-deflationary environment.

Ledger

To become validators, participants must lock 10,000 BONE tokens in Shibarium’s Ethereum-based staking management contracts. In return for validating transactions and maintaining network decentralization and security, the Shibarium platform rewards node operators.

State of Shibarium: Account and Transaction Trends

Shibarium has allocated 21 million BONE tokens to incentivize validators and delegators for enhancing ecosystem security. Notably, all delegated BONE tokens are distributed among the 12 Shibarium validators.

According to tracking data, “Shibs of the Round Table” and “Burn Baby Burn” stand out as top validators. In total, 25.9 million BONE tokens have been staked, with Ethereum mainnet blocks being confirmed approximately every 23 minutes.

Despite the growing number of users participating as delegators or validators, there has been a noticeable slowdown since the sidechain’s deployment. The number of new accounts created has dropped significantly from around 150 on September 10th to fewer than 20 as of October 8th.

Additionally, there are approximately 500 active accounts as of October 8th, down from over 1,500 recorded on September 11th. This reduction in activity has also led to a decline in the number of new transactions, resulting in decreased demand and considerably lower transaction fees.

Feature image created by Canva, chart data from TradingView.

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