Shiba Inu Nears Completion of BONE Token Minting in Latest Update

bone

The latest update from the Shiba Inu team pertaining to their ongoing endeavor to renounce the Bone ShibaSwap contract, which governs BONE, the designated gas token for Shibarium, has been disseminated. 

In accordance with an update shared by Shibarium1, an anonymous developer associated with Shibarium, it has been conveyed that the team is in the advanced stages of completing the minting process for the outstanding supply of BONE tokens.

A Step Closer to Renouncing BONE Contract 

Significantly, the minting of the remaining BONE supply represents a crucial milestone in the contract renunciation process. It is worth noting that contract renunciation entails the relinquishment of control and ownership of the token by the team.

Intriguingly, Shiba Inu initiated the contract renunciation procedure just last week, resulting in the formation of a placeholder token known as Calcium.

Developer Kaal Dhairya from Shiba Inu clarified that the Calcium token was specifically generated for the purpose of renouncing the BONE contract. He issued a cautionary note, advising users against engaging in trading activities involving Calcium, as it lacks liquidity.

Related article: Shiba Inu: Top Job Platform Integrates BONE as Payment Support

BONE on the Verge of Reaching 250M Max Supply

As per CoinMarketCap’s data, the current circulating supply of BONE stands at 249,918,656 (equivalent to 249.91 million tokens). Consequently, the team is required to mint an additional 81,344 BONE tokens to achieve the token’s maximum supply of 250 million.

In the previous year, the Shiba Inu community conducted a vote and gave their approval to a proposal that called for the complete cessation of BONE token minting once the token’s circulating supply reached 230 million.

Consequently, the project’s team announced that the remaining 20 million BONE tokens would be allocated to Shibarium validators, who are entrusted with the task of securing the L2 blockchain.

More Than 28M BONE Delegated to 12 Validators

As of the latest available information, there are presently 12 validators actively participating on the Shibarium platform. Members of the Shiba Inu community have already delegated a total of 28,024,889 BONE tokens to these validators.

Significantly, Unification stands out as the top-ranking validator on Shibarium, boasting a stake of 5,530,114 BONE tokens (or 5.53 million).

Following closely behind, we find ShibArmy Africa, Chainmasters, and ShibArmy America, each holding 4.17 million, 4.02 million, and 4 million BONE tokens, respectively.

BONE Declines by 0.2% in 24 Hours

A significant drop in the price of BONE was anticipated by many after the remaining BONE supply was minted. Surprisingly, the asset’s value did not experience a substantial decline, defying the expectations of many.

As of the hours just prior to the current moment, BONE was being traded at approximately $0.7916, reflecting a marginal 0.2% decrease in value within the last 24-hours.


Related also: Shiba Inu Army Burns over 100 Million SHIB as Developer Shares BONE Contract Update

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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