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Shiba Inu Discloses Key BONE Updates as Release of Shibarium Approaches

Sat, 07/16/2022 - 13:06
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Tomiwabold Olajide
This seems necessary to prevent overminting of BONE
Shiba Inu Discloses Key BONE Updates as Release of Shibarium Approaches
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The Shiba Inu team has shared updates on the new minting rate of BONE in a blog post. It says that rather than fully halting the minting process of BONE as it nears the 230 million cap, it aims to slow the BPB (BONE Per Block) by adjusting the current minting rate to 1 BPB.

This seems necessary to prevent overminting of BONE and also allow for ShibaSwap rewards to continue in anticipation of the upcoming reward token TREAT, which is planned to enter the ecosystem soon.

It says this will also protect the integrity of the DAO vote and the reward system while safeguarding the agreed minting ratios voted on by the community at 230 million BONE. The community previously decided to limit the maximum supply at the original cap of 250 million BONE by stopping its minting at 230 million.

According to statistics shared on the official BONE Twitter handle, only 499,000 BONE are left to mint to attain the 230 million cap, as of July 15.

The upcoming Shibarium will require 20 million BONE to be secured for its operations, in which validators/delegators and gas for Layer 2 will be reserved by this action. Additionally, validators will be rewarded in BONE for their work on Shibarium. According to recent updates shared by Unification last month, the Shibarium Public Beta TestNet is planned for deployment in Q3, 2022.

Another major exchange lists BONE

CoinTiger, a Singapore-based cryptocurrency exchange, has announced the listing of Bone.

Biconomy Global, a Canadian exchange, announced the listing of the BONE/USDT pair on July 12. Early in June, BTCEX, a Canadian digital asset derivatives trading platform, also disclosed the listing of the BONE/USDT pair.

BONE is the governance token of the ShibaSwap ecosystem that allows the Shiba Inu community to vote on upcoming proposals and has a maximum supply of 250,000,000 tokens.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.