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Shiba Inu: Revenue Out of Crypto Space Good Idea, Says SHIB Developer

Sun, 06/19/2022 - 16:45
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Tomiwabold Olajide
Revenue from Shiba Inu's community-driven initiatives good idea
Shiba Inu: Revenue Out of Crypto Space Good Idea, Says SHIB Developer
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Shytoshi Kusama, SHIB's lead developer, shares Shiba Inu's path forward in the ongoing bear market in a recent thread of tweets.

While thanking the community for its immense support, the SHIB developer took the time to clear up some misconceptions. He speaks on the essence of "partnershibs" for Shiba Inu, saying revenue from outside the space "is actually a good idea."

At the time of publication, Shiba Inu was trading down 6.68% at $0.0000075. SHIB dipped to lows of $0.0000071 on June 19 amid the latest market sell-off that saw billions wiped away from the global crypto market cap.

Shiba Inu proposes changes to BONE rewards as Shibarium release nears

The Shiba Inu team published an update on its most recent blog post as Shibarium prepares for a possible launch.

Shibarium is a Layer 2 solution developed by xFUND and Shiba Inu developers, with BONE set to be the Shibarium Protocol's "gas." This "gas" will provide the essential functionality for smart contracts and transactions to be processed and executed.

The team goes on to say that to develop Shibarium and reserve BONE for validator positions, it needs to save more than 20 million BONE. As a result, BONE rewards on ShibaSwap must be halted at some time in the coming weeks to reserve BONE for its functions within Shibarium. The number of minted BONE is currently at 225 million; hence, minting should be halted at 230 million to save the 20 million BONE for Shibarium validators.

BONE, one of Shiba Inu's ecosystem tokens, currently has a fixed supply of 250 million. The community must now decide whether to halt BONE farms once the 230 million supply has been met or to increase the maximum supply from 250 million to 270 million.

The team advises the public to disregard any information concerning the Shibarium release aside from the official Shiba Inu blog. It also claims to be working on a completely focused Shibarium blog post that might be released soon to provide an up-to-date status on the project's development.

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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.