Shiba Inu Sets Off TimeLock for Shibarium’s Gas Token BONE

Shibarium developer sheds light on the status quo of Bone ShibaSwap’s smart contract.

by Tadas Klimasevskis. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: September 18, 2023 │ 11:35 AM GMT

Shiba Inu in a time warp tunnel unlocking time. — *Created by Gabor Kovacs from DailyCoin*

Shibarium’s Bone ShibaSwap (BONE) slips below critical support of $0.80.
The latest blog explains why $BONE’s contract hasn’t been renounced yet.
Shibarium dev describes two pivotal steps needed to renounce the contract.

Shiba Inu’s independent blockchain Shibarium successfully relaunched a month ago and has scored multiple milestones. However, Shibarium’s gas fee token Bone ShibaSwap (BONE) plunged by 32.7% monthly, making crypto investors ask questions.

One question is Bone ShibaSwap’s adoption by major crypto exchanges, allegedly delayed due to the postponement of $BONE’s contract renunciation. Last year, the SHIB Army voted for no more $BONE to be minted, thus maintaining the scarcity of $BONE.

I think most people are waiting for shibaswap 2.0 and an overview of the mintig process from $BONE
— TomaQuad (@T_Q_90) September 18, 2023

How $BONE Renunciation Works

To address these concerns, Shibarium developer Kaal Dhairya penned a post on SHIB.io, explaining how BONE’s contract was deployed with a TimeLock tied to one multi-sig decentralized wallet to prevent unfair control of the gas fee token.

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“This adds to the complexity of minting the remaining BONE and renouncing the ownership of the BONE contract to another level,” - reveals Kaal.

There are two steps to renounce $BONE’s smart contract. Firstly, a transaction in the TimeLock contract has to be queued to call the minting function in the TopDog contract, which is the parental contract of $BONE. This way, a delayed transaction is set according to the delay variable in the TimeLock contract.

Secondly, the transaction is executed, and the tokens are minted out. Kaal has affirmed the initiation of the smart contract renunciation process, which will renounce the ownership of $BONE, hard capping the gas fee token at a max supply of 250,000,000. Opening doors for major exchanges, this move is also slated to accelerate $SHIB burns on Shibarium L2.

When will Shibarium initiate the SHIB burn?"
Wrong question ☓

The real question is, "When will you all migrate from exchanges and start using Shibarium?" (hello DEFI, remember bankrupted exchanges like FTX)

The burns are set per transaction, not based on tweets about burns.…
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) September 18, 2023

On the Flipside

Relinquishing control of $BONE’s smart contract is a crucial requirement by most major crypto exchanges – the completion of the renunciation process is likely to increase $BONE’s adoption.