Shiba Inu's lead Shytoshi Kusama recently announced a significant development for the cryptocurrency ecosystem. In a move aiming to solidify the operations of the upcoming Layer 2 blockchain, Shibarium, Kusama revealed that they will mint the remaining supply of BONE tokens, followed by the renouncement of the BONE contract.
This strategic maneuver is essential for launching Shibarium as a portion of BONE will be allocated to the first crucial role in the nascent blockchain system, the validators.
The BONE token is part of the Shiba Inu (SHIB) ecosystem, a meme cryptocurrency project characterized by its community-driven approach.
As the SHIB community prepares for the launch of Shibarium, BONE is gaining importance. According to Kusama, BONE will serve as a "passport" to the future, being the token delegates bury to obtain a share of the rewards.
Notably, it will also function as the gas token for Shibarium, allowing it to fuel transactions and smart contracts within the system. Additionally, BONE will enable technology governance within the new system, giving holders a say in how the platform evolves.
Kusama's announcement is a significant step forward for the Shiba Inu ecosystem, underscoring the importance of decentralized networks in financial transactions and beyond. This recent move is meant to strengthen the project's commitment to promoting more decentralization.
Despite the BONE price surging nearly 7%, SHIB owners and enthusiasts should approach this development with informed caution. The overall success of this project will hinge on how effectively the Shiba Inu community can manage this transition and how well Shibarium is received by the larger cryptocurrency market.
The launch of the much-awaited layer-2 solution is expected to happen this month.