Shiba Inu lead developer Shytoshi Kusama has announced plans to mint the remaining BONE tokens and renounce the BONE contract before the Shibarium launch.

The announcement, which was made in a Thursday blog, said, “With the incoming launch of Shibarium, our own Layer 2 blockchain, and much more, in the next few days you will notice that we will mint the remaining supply of BONE and renounce the bone contract so that no further minting will be possible.”

Kusama further shed light on the significance of the decision, emphasising that it is necessary to kickstart the blockchain, as a substantial portion of BONE will be allocated to validators in the upcoming layer two protocol. Additionally, he noted that BONE would play a crucial role as the token delegators use to claim rewards, as the gas token for Shibarium, and for technology governance within the ecosystem.

As ZyCrypto reported, the highly anticipated Shibarium is set to go live after a Toronto conference in August. The platform aims to address scalability and data bottlenecks by bundling off-chain transactions into a single layer 1 transaction, thereby reducing fees and data load. Since last week, developers have been actively testing the Ethereum Bridge, a crucial part of the project.

Shiba Inu’s journey to decentralization has been remarkable, as the cryptocurrency rapidly rose to a top 15 position in the market, driven by the power of its community. With Shibarium’s launch, the ecosystem is poised for further growth, especially in the metaverse and gaming applications, focusing on the thriving NFT sector.

The testnet for Shibarium has already seen significant activity, with millions of transactions from numerous wallets, indicating high demand for the network. Further, to support projects on the new platform, the developers recently announced plans to introduce DoggyDAO, a decentralized autonomous organization governed by token holders.

Shiba Inu, which began as a meme coin, has transformed into a serious project with its blockchain network and DApp ecosystem. The launch of Shibarium is expected to strengthen the fundamentals of the SHIB token, adding to its appeal in the crypto market.

As the crypto world awaits the Shibarium launch, SHIB ecosystem tokens have shown mixed movements, reflecting excitement and uncertainty. Nonetheless, Shiba Inu’s dedication to decentralization has garnered worldwide attention and support from enthusiasts. Today, popular crypto analyst Ali Martinez highlighted in a tweet how in July, a massive 3.30 trillion SHIB were withdrawn from established exchanges, amounting to about $28 million, which shows increased incentive to hold the cryptocurrency.

With the countdown to Shibarium’s launch underway, the Shiba Inu community has expressed high hopes that the event will significantly boost the ecosystem’s token price to $0.001.

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Filed under: Bitcoin - @ August 4, 2023 6:10 pm