Shiba Inu has announced that it is introducing BONE, a new token that would act as a passport to Shibarium – which is an upcoming blockchain of Shiba Inu. This update serves two purposes: informing the community that the remaining supply of BONE will be minted in the days to come, and they will soon be renouncing the BONE contract.
Launching Shibarium has been defined by Shiba Inu as the next paradigm shift. Shibarium is less likely to be the only update coming up in the future. Shiba Inu has mentioned in the official announcement that more updates could make their way into the ecosystem.
Minting BONE comes in handy as it will facilitate entry into the layer-2 blockchain. Renouncing the BONA Contract is a part of the mission to ensure that no more BONE tokens are minted by anyone. While the aim is to control the supply for the short term, longer times are possible to see more tokens being minted. Needless to say, it will have an impact on the price of the token at that time.
A major portion of the BONE supply has been allotted to validators, tagged as the first role in the system.
BONE will further act as a passport to Shibarium because it will play three crucial roles following the launch. These are:-
- BONE will be the gas token for the blockchain network of Shiba Inu
- BONE will enable the holders to claim attractive rewards in the ecosystem
- BONE will give holders access to governance participation in the new system
Hence, the tag of the passport has come into the picture while talking about BONE. Shiba Inu has expressed confidence in the development by stating that this is about creating a new destiny for all the players across the globe. It will paint a vibrant hue of infinite possibilities.
Launching Shibarium is in sync with the image that Shiba Inu carries with itself. SHIB has been a true spirit of decentralization. It is evident from the fact that the token continues to feature in the list of top 20 tokens across the world. It signifies the power of community and decentralization. BONE merely makes sure that Shibarium has something to back itself with on top of everything that SHIB has achieved so far.
It is interesting to note that SHIB was last seen trading at $0.00000833. This is roughly a slip of 0.68% in the last 24 hours.
Also, BONE and Shibarium are taking forward the legacy of the crypto market. For instance, BTC launched and changed its perspective on centralized monetary mechanisms. ETH went beyond the borders of transactions to capture the role that dApps can play when given a chance. dApp being a decentralized application, is backed by a similar fundamental, but it helps secure more users for the network than the token alone does.
Shiba Inu introducing BONE ahead of Shibarium is a game changer, the effects of which will be felt once the layer-2 blockchain network has come into the light.