The Unification Foundation, the development team behind Shiba Inu’s [SHIB] Layer 2 solution, Shibarium, said on June 24 that a public beta would be available in the third quarter of 2022.
The Shiba Inu ecosystem urged community members to vote on whether or not to suspend the minting of BONE tokens upon hitting 230 million tokens through a proposal published on 19 June.
According to the idea, Shibarium would employ BONE as a transactional channel. Additionally, it would be a cost-required token on the Shibarium network. In addition, validators on the network would be rewarded with BONE tokens. Validator roles and sequences would need 20 million BONE for security. The researchers also observed that the overall amount of BONE tokens would need to be restricted in order to preserve their worth.
In a separate release by the Shiba Inu ecosystem, members were notified that 97.88 percent of members voted in favour of ceasing all BONE farming upon achieving 230 million BONE token assets in order to conserve and protect the remaining 20 million token assets for Shibarium validators.
ShibaSwap, Shiba Inu’s decentralised exchange, required a governance token, which resulted in the creation of BONE. This need was essential to the development of the Shibarium. The token was designed to enable community members to vote on initiatives. According to the plan, the BONE token is intended to become the “gas” of the Shibarium system. This “gas” will offer the capability essential to process/execute smart contracts and transactions.”
Shibarium protocol would use BONE to simplify transaction payments. Validators on the protocol would also be compensated with BONE tokens. These tokens would be distributed according to the number of tokens first staked by each validator.
Price-performance since the product’s introduction
According to statistics from CoinGecko, the price of BONE has declined since reaching an all-time high of $15.50 on 7 July 2021. At press time, the token was trading at $0.477463, a drop of roughly 95 percent from its all-time high (ATH).
At the time of writing, the BONE coin ranked 1,043rd on CoinMarketCap’s list of crypto assets by market capitalization. It has a market cap of $35,431,478.
Despite the establishment of a Shib metaverse, the Shiba Inu ecosystem’s abundance of tokens failed to produce gains. For instance, since the beginning of the public auction of lands in the Shiba metaverse using LEASH tokens, the price of these tokens has decreased by 62%. Additionally, the SHIB coin is down 87 percent from its ATH of $0.00008845 eight months ago.
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