Shiba Inu community members will get the chance to stake and become Shibarium validators when the Layer-2 launches. But how does this system work?
With Shibarium set to improve the gas fees that hit the Shiboshi NFT launch, alongside supporting other projects on the Shiba Inu roadmap, its security and reliability must remain robust for it to succeed.
With the Doggy DAO currently voting massively in favour of halting BONE minting for Shibarium rewards, let’s take a look at how these BONE rewards will work on Shibarium.
Shiba Inu Validators For Shibarium
In a blog post about the ongoing BONE vote, the Shiba Inu team explained the role of validators within Shibarium.
Described as “the backbone of the network”, validators will lock, or stake, cryptocurrency to then validate Shibarium transactions. While we don’t know what the staked token is, we’d suspect it could be BONE (or tBONE).
As validators validate and verify transactions, they will also earn rewards depending on the amount staked. This will be in the form of BONE, which is what the current BONE vote is about.
With 20 million BONE required for rewards, it seems BONE minting for ShibaSwap rewards will end earlier to accommodate this.
According to a ShibaSwap blog, there will also be other requirements for becoming a validator. However, the blog post did not state what these specific requirements will be.
Shiba Inu Delegators On Shibarium
Not every holder who wants to get involved in Shibarium and Shiba staking will be a validator. Instead, many will be delegators. As explained by the Shiba blog:
“Delegators would secure the protocol by delegating their stake to validator nodes and play a critical role in the system, as they are responsible for choosing validators.”
In explaining the role of Shibarium validators, the Shiba Inu team also addressed various rumours about the Shibarium launch. Despite Shytoshi Kusma’s insistence that Shibarium is coming soon, the post dismissed claims it would be imminent. It also asked users to verify where the information is coming from.
From the upcoming Shibarium Hackathon, to Shytoshi calling on SHIB holders to build on Shibarium, make sure to keep checking out Planet Crypto for all the latest on the Shiba Inu Layer-2.
For more articles like this, take a look at our Planet Crypto page.