- The Shiba Inu team is on the cusp of completing the minting of BONE tokens, a prelude to renouncing the token’s contract.
- Upon the completion of minting, the control and ownership of BONE will be relinquished, marking a watershed moment in its blockchain saga.
The journey towards renouncing the BONE contract has reached a seminal phase as the Shiba Inu team verges on concluding the minting of Bone ShibaSwap (BONE) tokens. This critical development underpins a strategic move to relinquish control and ownership of the token, thereby establishing a more decentralized governance model.
Minting Nearly Completed, Contract Renouncement on the Horizon
According to a recent update from an anonymous Shibarium developer, Shibarium1, the process of minting the outstanding BONE supply is almost consummated. This decisive stride aligns with the overarching strategy to renounce the BONE contract, a venture initiated last week that saw the inception of a dummy token named Calcium. This faux token, as elucidated by Shiba Inu developer Kaal Dhairya, was crafted solely to facilitate the BONE contract renouncement, urging the community to refrain from trading it due to its liquidity void.
As BONE nears its maximum supply threshold of 250 million, with a current circulating supply of 249.91 million, a mere 81,344 BONE remains to be minted. This meticulous process follows a community-backed decision last year to cease all BONE minting post achieving a 230 million circulating supply, dedicating the residual 20 million BONE to Shibarium validators tasked with securing the L2 blockchain.
Shibarium Validators and BONE Allocation
A tally of 12 validators on Shibarium now exists, with over 28.02 million BONE tokens already delegated to them. Unification emerges as the predominant validator, commandeering a holding of 5.53 million BONE, trailed closely by ShibArmy Africa, Chainmasters, and ShibArmy America.
Contrary to expectations, the final minting stage hasn’t inflicted a substantial price dip on BONE. As of the last report, BONE was oscillating around $0.789, a marginal 0.5% decrease over the preceding 24 hours. This relatively stable price performance amidst a significant operational pivot illustrates a nuanced market response, indicative of the crypto-savvy community’s perceptiveness towards the evolving Shiba Inu ecosystem dynamics.
The meticulous approach towards achieving a decentralized governance structure through contract renouncement mirrors a thoughtful and community-centric ethos ingrained within the Shiba Inu blockchain narrative.
