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In a significant step towards renouncing the contract 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 comes after weeks of anticipation among the Shiba Inu community and crypto enthusiasts worldwide. The contract renunciation is a pivotal move that will see the Shiba Inu team relinquish control and ownership of the BONE token, marking a crucial milestone in the development of the Shiba ecosystem.
This development was initially set in motion when Shiba Inu began the process of renouncing BONE last week, simultaneously introducing a dummy token known as Calcium. Kaal Dhairya, a prominent developer within the Shiba Inu ecosystem, clarified that Calcium was solely created to renounce the BONE contract, emphasizing that it should not be traded as it lacks liquidity.
Currently, the circulating supply of BONE stands at 229,923,351 (worth $181.6 million) according to data from Coinmarketcap. To reach the token’s total supply of 230 million, an additional 76,649 million BONE 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. The remaining 20 million BONE tokens from the Maximum supply of 250 million BONE were allocated to Shibarium validators, who play a crucial role in securing the L2 blockchain.
Transitioning from BONE Rewards to TREAT
The end of BONE minting will mark the end of BONE rewards on ShibaSwap, transitioning to a new token named “TREAT,” as previously announced by Shiba Inu’s lead developer, Shytoshi Kusama. Presently details about TREAT remain scarce, with only its name and its role in the Shiba ecosystem disclosed so far.
That said, the Shiba Inu team’s progress in minting the remaining BONE supply and approaching the contract renunciation signifies a significant development for the Shiba ecosystem.
Interestingly, despite the minting of additional BONE tokens, the asset’s price has not seen the massive dip that some had expected. As of the time of writing, BONE was trading around $0.79, registering a modest 1% decline over the past 24 hours.
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