Shiba Inu Latest Update on BONE Renouncing: “Minting BONE Almost Complete”

The Shiba Inu team has almost completed the minting of Bone ShibaSwap (BONE), an integral step towards renouncing the token’s contract. 

The team behind Shiba Inu has shared the latest update regarding its effort to renounce the contract of Bone ShibaSwap (BONE), the official gas token of Shibarium.

Per an update posted on X by the anonymous Shibarium developer, Shibarium1, the team has almost completed the minting of the remaining BONE supply.

Minting #Bone almost completed. https://t.co/csGdYTMbqY

— shibarium1 (@shibarium_) September 24, 2023

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A Step Closer to Renouncing BONE Contract 

Notably, minting the remaining BONE supply is a pivotal step in renouncing the token’s contract. It bears mentioning that renouncing the contract will see the team relinquish control and ownership of the token.

Interestingly, Shiba Inu commenced the process of renouncing BONE last week, leading to the creation of a dummy token dubbed Calcium.

Shiba Inu developer Kaal Dhairya explained that the Calcium token was only created to renounce the BONE contract. He warned users not to trade the token as it has no liquidity.

BONE Approaches 250M Max Supply

According to data on CoinGecko, BONE currently has a circulating supply of 249,918,656 (249.91 million). Consequently, the team needs to mint an additional 81,344 BONE to reach the token’s max supply of 250 million.

Last year, the Shiba Inu community voted in support of a proposal to officially halt all BONE minting after the token hit a circulating supply of 230 million.

As a result, the team behind the project noted that the remaining 20 million BONE tokens will be designated to Shibarium validators, whose responsibility is to secure the L2 blockchain.

Over 28M BONE Delegated to 12 Validators

At press time, there are currently 12 validators on Shibarium. Shiba Inu’s community members have already delegated 28,024,889 (28.02 million) BONE tokens to these validators.

Notably, Unification ranks as the leading validator on Shibarium, with a holding of 5,530,114 (5.53 million) BONE.

Unification is closely followed by ShibArmy Africa, Chainmasters, and ShibArmy America, which hold 4.17M, 4.02M, and 4M BONE tokens, respectively.

BONE Down 0.5% in 24 Hours

Many would have expected the price of BONE to dip massively following the minting of the remaining supply of BONE. However, the procedure did not take a huge toll on the price of the asset, as many expected.

In the hours leading up to press time, BONE was trading around $0.789, down 0.5% over the past 24 hours.