BONE Renunciation Update
In a significant development for the Shiba Inu ecosystem, the Shiba Inu development team has reported that the minting of the remaining BONE supply is almost complete. This marks a crucial milestone as it signifies the team’s intention to renounce control and ownership of the BONE token.
Transitioning to TREAT
With the end of BONE minting, ShibaSwap will transition from BONE rewards to a new token called “TREAT.” Details about TREAT are currently limited, but it is expected to play a role in the Shiba ecosystem.
The circulating supply of BONE currently stands at 229,923,351 tokens. To reach the total supply of 230 million tokens, an additional 76,649 million BONE tokens need to be minted.
This renunciation process aligns with the decision made by the Shiba Inu community last year to halt BONE minting once the circulating supply reached 230 million tokens. The remaining 20 million BONE tokens were allocated to Shibarium validators who secure the L2 blockchain.
Significant Development for Shiba Ecosystem
The progress in minting the remaining BONE supply and approaching contract renunciation is a significant development for the Shiba ecosystem. It represents a step towards decentralization and further growth.
Despite additional BONE tokens being minted, the asset’s price has remained relatively stable. As of now, BONE is trading around $0.79 with only a modest 1% decline over the past 24 hours.
Hot Take: Positive Progress for Shiba Inu
The imminent completion of BONE supply minting and contract renunciation is a positive step for the Shiba Inu ecosystem. It demonstrates the team’s commitment to decentralization and sets the stage for further growth and development. With the transition to the new token, TREAT, there is anticipation for more details about its role in the Shiba ecosystem. Despite expectations of a dip in price, BONE has remained relatively stable. Overall, this update signals progress and potential for Shiba Inu and its community.
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