As the lead validator on the Shiba Inu Shibarium network, Unification has found itself in the spotlight, both for its prominent role in the network and a recent decision to temporarily suspend delegations to its node. Unification has now provided insights into the rationale behind this move.
Since the launch of the Shibarium network, Unification’s blockchain validator has rapidly gained prominence. According to data from ShibariumScan, Unification’s validator node boasts an impressive 5,539,466 BONE (equivalent to approximately $4.35 million) staked, representing nearly 20% of the total staked BONE supply.
However, in a recent development, Unification disclosed that the swift influx of BONE staked to its node was the driving force behind its decision to temporarily restrict new user delegation.
Unification acknowledged that its validator node had “become too powerful too quickly,” which posed potential decentralization risks to the newly launched proof-of-stake (PoS) network.
The Unification team explained
“By disabling delegations to our validator, we allowed a more equal distribution of stake power to the other validators on the network and therefore encouraged decentralisation.”
While Unification has since reopened delegation, it expressed its commitment to monitoring its staking weight closely. The validator may “temporarily disable staking” as needed to maintain a sufficiently decentralized network.
In another move to discourage delegation, Unification increased its commission rate to 3%. Among the 12 validators currently active on the network, ten do not charge commissions, leaving Chainmasters as the sole node applying a 3% deduction to rewards earned by delegators.
Unification’s contributions to Shibarium extend beyond its validator node. The project has actively collaborated with Shiba Inu developers in building the network. Furthermore, Unification recently announced the launch of its Oracle of Oracles (OoO) service on the Shibarium network.
Similar to oracles on other blockchain networks, this new offering will empower developers to create decentralized applications that can access real-time data on cryptocurrency prices for use in smart contracts. This feature holds particular significance for decentralized exchanges and lending protocols that may emerge on the Shibarium network.
Despite being only about a month old, the Shibarium network has shown notable growth. The network has witnessed an increase in the number of wallets, transactions, and smart contracts. Notably, RPC nodes on the network have been setting new weekly records, indicating a growing interest in this layer-2 solution within the crypto community.