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Shiba Inu Community Votes on Crucial ‘BONE’ Upgrade for Shibarium

Shiba Inu developers announced a community vote for ‘BONE’, the governance token of the Shiba Inu ecosystem. Bone ShibaSwap (BONE) is set to become the ‘gas’ of the Shibarium Protocol, meaning that it will be necessary to perform any and all actions on Shibarium⁠—for instance, transaction validation. Unsurprisingly, the validation and verification process is at the center of discussion on the official blog post.

Passive Income Opportunities in the Making

Users on the ShibaSwap platform will have the opportunity to farm and hold $BONE, but the SHIB developers have yet to reveal when this will become available. The Shiba Inu devs specifically underlined that they would be working towards automating and upgrading the reward system.

Validators Play an Important Role in the Ecosystem

In their official blog post, the team behind Shiba Inu also broached the crucial issue of validators. For Shibarium to stay strong & steady, every transfer that goes through the network has to be validated. The Shiba Inu blockchain uses the Proof of Stake (PoS) model⁠—this means that validators are required lock in a certain amount of crypto in order to validate transactions, thus earning rewards in $BONE.

Moreover, there are also delegators to consider. Delegators play an important role in the ecosystem, delegating, as the name suggests, their stakes to validator nodes. Most importantly, these individuals have the right to select validators.

More Bone – to Mint or Not to Mint

The dilemma presented in the $BONE community vote lies in how to safeguard the amount of 20 million $BONE for the further development of Shibarium. If 20 million BONE is to be reserved, then Shiba Swap $BONE award reserves could dry in the span of two weeks. This means that the $BONE cap needs to be limited to 230M⁠—and 225M $BONE has already been minted. Since the decision affects everyone in the ecosystem, a vote has been submitted through Doggy DAO, presenting members of the Shib Army with two options:

  1. Halt BONE farms when they reach the cap of 230M to save the required 20M for validators.
  2. Overmint the 20M, thereby increasing the total cap to 270M that will be put in circulation over time.

The vote is set to run for 7 days, starting from June 19th, 2022, so time is limited for the make of break decision.

Shiba Inu’s (SHIB) Price Bounces Back

While the Bone ShibaSwap (BONE) governance token has enjoyed gains of 10.5% over the past 24 hours, trading at $0.391697 at press time, the ecosystem’s main token, Shiba Inu (SHIB), has finally made it into the green as well. At the time of writing, SHIB is trading at $0.00000801, which represents a 4.9% increase in the last 24 hours. Even so, this still leaved SHIB with a 25.9% deficit for the past fortnight, a trend it shares with many of the top cryptocurrencies. The real question is, is the crypto winter finally over for Shiba Inu?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.