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Shiba Inu Team Makes Big Move on BONE, Here's What's Going On

Sat, 09/16/2023 - 10:42
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Tomiwabold Olajide
After successful Shibarium relaunch, Shiba Inu development team does not appear to be resting on their laurels
Shiba Inu Team Makes Big Move on BONE, Here's What's Going On
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The Shiba Inu development team is making a big move on BONE. As reported, Shiba Inu lead Shytoshi Kusama established new target points for the ecosystem, which include renouncing the BONE contract and the burn portal.

While the burn portal remains under active development, the Shiba Inu team has kicked off the process of renouncing the BONE contract.

In a blog post, Shiba Inu developer Kaal Dhairya highlights the complexity of the process by outlining 12 major steps to be undertaken before the BONE contract could be renounced.

These include the creation of a dummy token "Calcium" solely for the specific purpose of minting and renouncing BONE, creating a new pool CAL-ETH in ShibaSwap to get LP tokens, creating a new Liquidity pool and staking in the new pool, and updating the number of BONE tokens created per block to allow the BONE tokens to be quickly minted.

The penultimate step before renouncing the BONE contract includes setting the Bone per block to 0 after the minting of BONE is done to the desired value.

The reason for the complexity of the process, according to the SHIB developer, is that the mechanism around the BONE token was developed to safeguard investors from anyone, including admins or any human involvement when it was implemented.

BONE is additionally protected by adding a timelock contract, which is controlled by a decentralized multisig wallet. This overall adds to the complexity of minting the remaining BONE and renouncing ownership of the BONE contract.

The process of using the timelock contract likewise consists of two steps: queue the transaction and execute it to mint tokens. Dhairya added that this process has already started but that it will need to be done extremely carefully and will take as much time as necessary to complete.

Shiba Inu Burn Rate Skyrockets by 500% as More Than Half Billion SHIB Burned

After a successful Shibarium relaunch, the Shiba Inu development team does not appear to be resting on their laurels.

Wrapped Bone, or WBONE, a Shibarium-based token that represents Bone in a standardized form compatible with the Shibarium network's smart contracts, was introduced by the Shiba Inu team earlier this month.

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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.