With just a few weeks away from the launch of Shiba Inu’s layer-2 protocol mainnet version, co-founder and project lead Shytoshi Kusama has dropped a major update on the Shibarium’s governance token, BONE, in his latest blog.
Kusama disclosed the critical step that will firmly establish the operations of the impending Layer 2 blockchain as the meme token ecosystem races toward a new era. The team will mint the last of the BONE in the upcoming days and renounce the BONE contract to prevent any more minting from taking place.
This is a necessary step to starting our blockchain, as a significant portion of BONE is allocated to the first role in our upcoming system, VALIDATORS. Bone will also serve as your passport to the future, being the token DELEGATORS bury to get a portion of rewards, the GAS TOKEN FOR shipping, AND technology GOVERNANCE within our new system.
BONE will be utilized to reimburse gas transactions as well as a means of rewarding validators and delegators on the Shibarium protocol. So far, 230 million Bone tokens have been minted out of a total of 250 million. With the remaining 20 million, the validators and delegators will be rewarded for their contributions to the network.
Following the update, Bone ShibaSwap, which is more famously known by its ticker BONE, shot up by more than 4% [24 hours] and over 26% [weekly] to trade at $1.52.
Shiba Inu Is Off The Leash
The Shibarium-Ethereum bridge testnet’s latest debut coincided with the meme coin hitting a new milestone, continuing its steady upward trend. Bone received 2.8 million mentions in tweets, ranking highly in terms of social sentiment on crypto Twitter.
Meanwhile, Shiba Inu is off to a blistering start as the popular meme coin’s burn rate doubled in a span of just 24 hours. This has rekindled prospects for a potential price rally after this week’s successful breakout of an ascending triangle formation.
The subsequent volatility after the breakout served as a stimulus for Shiba Inu’s current momentum in terms of burn rate, which represents the rate at which tokens are permanently removed from circulation. This was initiated by SHIB community members to increase the value of the meme coin.