SHIB Creates Contract for 3% BONE Distribution to Lock LEASH
In a recent newsletter shared on June 6, the meme-coin Shiba Inu announced why LEASH LOCKER users are yet to receive their rewards. The team cannot initiate the distribution of rewards as the land sale still has not closed. As per the new update, the team is working on a new contract that allows rewards distribution when the locking period ends, even if the sale is open.
In a promotional event for Shib.io, the Shiba Inu Metaverse, the meme-coin team announced that it would distribute 3% of the Land Event Sales for LEASH locking as rewards. In addition to LEASH locking, users must bid for Land in the first two early-access stages to enable this offer.
Once the sale is complete, users will be rewarded based on their LEASH locking value and the total time. Rewards would be paid in $BONE. However, the users who have put their LEASH for a shorter time have already unlocked their holdings and are yet to receive the promised rewards.
The Shiba Inu newsletter confirmed that the distribution is yet to begin due to several technical factors. One of them has to do with the fact the Land Event Sale is still open. Despite a successful launch and promotional events, the Shiba Inu still has unsold lands in the metaverse and is currently in Public Sale status.
As the originating contract was designed to consider a land sell-out, the team cannot distribute the BONEs to those who have already unlocked their LEASH. To address this plight, the team has announced the construction of a new contract that can execute reward allocation even if the sale is still on.
The catch is that users still need to wait out all the 90 days of the event to get what is promised. The new contract will apply to all the users and is slated to go live on July 2. Shiba Inu also announced taking into consideration the land sales up to July for the total rewards distribution.
The new Metaverse venture could be a milestone in the journey of the meme-coin. In all fairness, the project was designed to respect the community behind the success of this meme-coin project. It is also why the team has decided to offer a portion of the revenue back to the community.
The metaverse will also enhance Shiba Inu native coins like SHIB, LEASH, BONE, and SHIBOSHIS. And what’s more, it can also provide all the opportunities to fortify the practical side of SHIB and thereby increase its value in the market. The Shiba team has already created a burning portal toward this end.