The current supply of Shiba Inu’s governance token BONE has crossed over 230 million and as a result, minting has officially been halted, updated by ShibaSwap’s official Twitter account.
ShibaSwap is a native decentralized exchange [DEX] of the Shiba Inu coin project.
“The remaining approximately 20 million is designated for Shibarium validators. The maximum supply of BONE is 250 million, and will always remain that way, for the token”, the tweet read.
The Shiba Inu’s DEX also revealed the timing details of the halt in a separate tweet.
A transaction to halt the minting will be created approximately at 7:30 PM UTC. Furthermore, a 6-hour window for Multi-Sig approval and a 24-hour time lock will follow. There is no way to time this precisely so a small amount of over-minting is expected.
In another positive news, data from Google Trend revealed that the demand for the governance token of the Shiba Inu ecosystem has shot up as searches for “How to Buy BONE Token” soared to record highs.
The highly anticipated Shibarium Launch is one of the main factors driving up the BONE searches. Per the most recent information provided by Unification XFUND, a blockchain service provider, the Shibarium Public Beta Testnet might soon see the light of day in the third quarter.
The Shiba Inu Community is hoping that Shibarium might debut pretty soon as September is the last month of Q3.
Shiba Inu’s Bone On Popular Demand As Major Exchanges List BONE
For the uninitiated, Shibarium Layer-2 Network offers a substantial utility case for BONE. The asset will function as a native “Gas Token” for Shibarium, requiring a BONE for every user on the network to do any transaction.
Considering the mentioned utility case of BONE in Shibarium, Shiba Inu Community expects that with the much-limited supply of 230 million BONE tokens compared to Shiba Inu, the value of BONE could increase manifolds with the launch of the Shibarium network.
Shiba Inu’s BONE has also gained massive adoption as several leading centralized cryptocurrency exchanges, such as LBANK, the main exchange in Hong Kong, Bitmart, the global trading platform for digital assets based in the Cayman Islands, and most recently multi-asset trading platform BlueBit.io. have too added support.