Admin Explains No Link Of BONE Contract Renouncement With Top 5 Exchange Listing

This clarification comes on the back of repeated calls within the Shiba Inu community for the renunciation of the BONE contract to secure listing from top exchanges.

Ragnar, a pseudonymous Shibarium Telegram group admin, has explained why the contract of Bone ShibaSwap (BONE), the governance token for ShibaSwap, cannot be renounced yet. His explanation follows repeated requests from the Shiba Inu community to renounce the BONE contract to secure listings on top exchanges.

Some Shiba Inu community members believe that BONE has not secured listings on top exchanges such as Binance because the token issuer remains in control of the token since the contract has not been renounced. If a token issuer renounces a token’s contract, they give up ownership and control of the token. One of the implications of this act is that the issuer will no longer be able to mint new tokens.

Ragnar recently countered these assertions, explaining why the BONE contract cannot yet be renounced. He argues that BONE is designed to reward validators who confirm transactions on the Shibarium platform. As such, up to 20 million BONE tokens must be minted to compensate these validators.

There’s some FUD going on that the Bone contract needs to be renounced to be listed on major exchanges. (1/9)

— Ragnar Shib (@RagnarShiba) May 5, 2023

These 20 million tokens will augment the already-minted 230 million BONE to reach the total BONE supply of 250 million tokens. Ragnar noted that the minting of the 20 million tokens would no longer be possible if the contract is renounced.

BONE Listing on Top Exchanges

Ragnar further disputed the claim that the top 5 exchanges have refused to list BONE because the contract is not renounced. While BONE has secured listings on six exchanges in the past week, it hasn’t been listed on any top 5 exchanges.

Ragnar emphasized that several major exchanges, including Crypto.com, MEXC, OKX, and Huobi – all ranked among the top 20 largest exchanges – have not had any issues with the non-renunciation of the contract, as they have all listed the BONE token.

None of them had any problem or mentioned that not being the contract renounced would be an issue and I am pretty sure that the top 5 won’t have a problem either. OKX is top 7 CEX according to CMC. (6/9)

— Ragnar Shib (@RagnarShiba) May 5, 2023

Ragnar believes that the top 5 exchanges will also not have any issues because BONE’s contract has not been renounced. “The Shib team is working on getting Bone listed in the largest number of exchanges possible to have a wider reach and make it available to help adoption. Not only bone but all our ecosystem tokens,” he disclosed.

He claimed that the delay in BONE’s listing on the top 5 exchanges is not due to the non-renunciation of the contract but rather because these exchanges are monitoring the performance of Puppynet and the deployment of Shibarium on the mainnet.