SHIB News: Shiba Inu Team Announces Two Major Milestones

The Shiba Inu team has announced two major milestones that promise to enhance the utility and dynamics of its network. Shibarium, Shiba Inu’s Layer 2 solution, has successfully achieved a substantial milestone in NFT minting. Concurrently, 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 enhance transaction speeds and reduce costs for the Shiba Inu ecosystem, has recently seen over 140,000 NFTs minted with an expenditure of only about 800 BONE (roughly $310) in gas fees. This feat was highlighted by Shiba Inu’s marketing lead, Lucie (@LucieSHIB), who shared the success story via X.

Lucie emphasized the cost-efficiency and scalability of Shibarium, stating, “We’re excited to share an incredible achievement from our Shiba Eternity beta closed for Leash holders! So far, these dedicated testers have minted a staggering 140,000 NFTs on Shibarium, showcasing both the power and scalability of the platform. Even more impressive is the cost-efficiency: only around 800 BONE has been spent on gas fees for these transactions.”

Lucie further noted that this milestone showcases one of Shibarium’s key strengths—the ability to maintain extremely low transaction costs despite high volumes of activity. This feature makes Shibarium an ideal for NFT projects and other decentralized applications that require high throughput and cost efficiency. “This highlights one of Shibarium’s key strengths—extremely low transaction costs. Despite the high volume of minting, gas fees remain minimal, making it ideal for large-scale NFT projects,” she remarked.

Lucie added: “And don’t forget—Shib has over 1.4 million holders on-chain, far more than what is currently active, meaning our massive army has yet to fully embark on this DeFi journey through Shibarium.”

During the beta phase, all gas fees were sponsored, which significantly lowered the barrier for creators to participate and mint NFTs without incurring upfront costs. “As we continue to build, Shibarium is proving to be both scalable and cost-effective, unlocking new opportunities for our community,” Lucie added.

Launch Date For Shiba Inu Staking Revealed

On another front, K9 Finance is preparing to launch its staking service for the SHIB ecosystem on September 18, following a successful audit by SourceHat. This development is poised to provide SHIB holders with an opportunity to earn rewards by locking up their BONE tokens, thereby contributing to the security and robustness of the network.

K9 Finance’s readiness for this launch was confirmed through a post on X, detailing the successful completion of the smart contract audit and the forthcoming staking feature. “Smart Contract Audit Passed. The KNINE Liquid Staking & Farming contracts have been successfully audited by SourceHat. Launch Date: September 18th,” the K9 Finance team announced.

The Shiba Inu team described the anticipation surrounding this launch, noting, “K9 has been working tirelessly to enhance community engagement and provided updates on its progress. With this staking solution, SHIB holders can lock up their tokens and earn rewards in return for securing the network.”

At press time, SHIB traded at $0.00001320.

Featured image created with DALL.E, chart from TradingView.com