Shiba Inu Approves $BONE Mint Speed Adjustment Proposal

by BSC News

July 18, 2022


Mining will be halted when the supply of $BONE reaches 230 million tokens.

Protecting the $BONE supply

After passing the DOGGY DAO: BONE Farms Proposal proposal, Shiba Inu shared an update on $BONE's new mint rate. To prevent $BONE from being overminted as it approaches the 230 million token limit, the mint rate has been reduced to 1 BPB (BONE Per Block).

For more details on the BONE Farms Proposal, visit here.

“We understand reducing the BPB down may seem like a drastic approach to the rewards system right now, but to begin streamlining the future of ShibaSwap, will allow the team to focus on the tasks that will bring these systems to life sooner rather than later.” The Shiba Inu development team said in a blog.

Adjusting the $BONE minting rate will help protect the integrity of votes in the DAO community and the reward system while maintaining the agreed minting ceiling voted by the community at 230 million $BONE.

The maximum supply of $BONE, as voted on by the community in the BONE Farms Proposal, is 250 million. Of that, 20 million is reserved for validator roles and sequences for Shiba Inu’s upcoming Layer 2 solution Shibarium.

“As a reminder, Shibarium will require 20 million BONE to be secured for the operation of the protocol, in which validators/delegators, and gas for the layer 2 will be reserved by this action.  Additionally, it is known that validators will be rewarded in BONE for their work and by fulfilling their role in the blockchain,” according to the project team.

The mint rate adjustment will allow for the continuance of ShibaSwap DEX rewards, in preparation for the upcoming reward token $TREAT, the tokenomics of which have not yet been released.

The TREAT token will be used as a bonus token in Shibarium, SHIB Metaverse, and Shiba card collecting game (CCG), and will also provide balance for $SHI, the anticipated stablecoin of Shiba Inu.

What is Shiba Inu:

Shiba Inu is an Ethereum-based altcoin that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

Where to find Shiba Inu:

Website | Twitter | Telegram | Discord


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