Shibarium Developers Launch Bone ShibaSwap (BONE) Proposal

Unification developers share building progress and propose the first-ever BONE staking model on Shibarium.

A man dancing in front of a pile of bones in the middle of the desert.
  • Developers confirmed Bone ShibaSwap (BONE) to be the only gas fee token.
  • Unification is working on a Liquid Staking Derivative (LSD) token on ETH.
  • Shiba Inu’s (SHIB) burn rate dropped by 92% following the news.

Shiba Inu’s BONE constantly makes the headlines as the second native token in the popular canine memecoin’s own ecosystem. Mainly, Shiba Inu (SHIB) holders are expecting the demand to drastically increase after launch, as both SHIB Token’s official team and the Unification developers previously announced that $BONE is the only governance token used in the Layer-2.

In the wake of the launch of Shibarium Beta, the Unification team introduced themselves to the public and published the very first BONE proposal. The liquid stake derivatives, if approved, would bring staked $FUND to Ethereum (ETH) and could be traded on Curve Protocol. 

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In regards to Bone ShibaSwap (BONE), developer Ringoshi Toitsu took to Twitter to explain that $BONE could be staked on Shibarium, while receiving a wrapped version of it back, which is called T-BONE. Ultimately, this means that T-BONE could be paired with $BONE to earn a higher APR, while also helping to maintain Shibarium’s liquidity.

SHIB Burn Rate Cools Down

Following the news, the lead developer, Shytoshi Kusama, also posted an 8-minute long read that’s meant to introduce the world to Shibarium. Indeed, the Shiba Inu (SHIB) developer team has been working together with Unification (xFUND) for two years, but the vast community of the SHIB Army doesn’t always find the right motivation to burn Shiba Inu (SHIB) tokens in order to maintain its price.

Many members expected to see the launch of Shibarium Beta on Valentine’s Day, and the disappointment is evident in the numbers – Shiba Inu (SHIB) fans sent just 2,358,975 SHIB tokens ablaze in the last 24 hours, which equals just $30.69. Keeping in mind the rapid growth of the community and the emergence of side projects dedicated to burning, these metrics suggest unwillingness from SHIB holders.

On the Flipside:

  • Bone ShibaSwap (BONE) is still marginally down from its all-time high of $15.50 set over a year ago and is not listed by any major exchange.
  • The developers had been vague about the roadmap of the project, while all the previously speculated launch dates didn’t materialize.

Why You Should Care:

Shiba Inu has among the fastest-growing crypto communities, with at least 30,000 new members joining Shibarium’s Telegram per week.

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

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.