In a highly anticipated contract renunciation of Bone ShibaSwap (BONE), the official gas token of Shibarium, the Shiba Inu development team has reported that the minting of the remaining BONE supply is nearing completion.
BONE Renunciation Imminent
This update follows weeks of anticipation within the Shiba Inu community and among crypto enthusiasts worldwide. The impending contract renunciation is a pivotal move that will see the Shiba Inu team relinquish control and ownership of the ShibaSwap token, marking a crucial milestone in the development of the Shiba ecosystem.
Shiba Inu initiated this development last week by commencing the process of renouncing BONE while simultaneously introducing a dummy token known as Calcium. Kaal Dhairya, a prominent developer within the Shiba Inu ecosystem, made it clear that they specifically created Calcium for the sole purpose of renouncing the BONE contract. It is essential to note that Calcium lacks liquidity and should not be traded.
Current BONE Supply
As of the latest available data from Coinmarketcap, the circulating supply of BONE stands at 229,923,351 tokens, with a total value of approximately $181.6 million. In addition, to reach the token’s total supply of 230 million, an additional 76,649 million tokens need to be minted.
This milestone aligns with the decision made by the Shiba Inu community last year to halt all BONE minting after the circulating supply reached 230 million. Moreover, Shiba Inu allocated the remaining 20 million BONE tokens from the maximum supply of 250 million to Shibarium validators, who play a crucial role in securing the L2 blockchain.
Transition to “TREAT” Token
The conclusion of BONE minting will mark the end of ShibaSwap rewards on ShibaSwap, as previously announced by Shiba Inu’s lead developer, Shytoshi Kusama. The transition will involve the introduction of a new token named “TREAT.”
Presently, details about TREAT remain scarce, with only its name and its role in the Shiba ecosystem disclosed so far.
Stable Asset Price Amidst Minting
Interestingly, despite the minting of additional BONE tokens, the asset’s price has not seen the massive dip that some had expected. At the time of writing, the token was trading around $0.79, registering a modest 1% decline over the past 24 hours.
Further, the Shiba Inu team’s progress in minting the remaining ShibaSwap supply and approaching the contract renunciation signifies a significant development for the Shiba ecosystem, keeping the community and crypto enthusiasts eagerly watching for the next steps in this evolving story.