- The Shiba Inu team has announced adjusting the minting rate of BONE, its reward token.
- 20 million BONE will be required by Shibarium to safeguard the operation of the protocol.
- Reward in BONE has been decided for the validators for their work.
Minting rate of the reward token has been adjusted to 1 BONE Per Block, as voted on by the DOGGY DAO: BONE Farms Proposal Results.
Important Notice in Regards to BONE Farms
— Shib (@Shibtoken) July 16, 2022
Reason behind this move is preventing the over-minting of the BONE rewards after the decision by the community to stop the minting of $BONE rewards at 230 million.
Shiba Inu wants the continuation of ShibaSwap rewards since the preparations for the release of the future TREAT token is under progress.
In a statement, the Shiba Inu team said that though decreasing the BONE Per Block system is a drastic approach, to streamline ShibaSwap’s future, the decision will help the team to concentrate on the tasks and bring the systems to life.
Approximately, 98% of the participants voted in favor of stopping the BONE rewards at 230 million in the recently concluded community proposal.
BONE is capped to have 250 million supply. As per the community, the remaining 20 million BONE needs to be reserved for validators and for their work, they must be rewarded in token.
As BONE rewards might stop minting at 230 million, a new token ‘TREAT’ would replace it, as shared by Shytoshi Kusama, the lead developer of Shiba Inu.
The release date of TREAT has not been disclosed by the Shiba Inu team. Also, the tokenomics of the upcoming cryptocurrency have not been released as well.
Because BONE has edged close to 230 million caps, the minting rate of the token has been slowed down, which will also ensure the continuity of ShibaSwap rewards.
Earlier, Today NFT News reported the speculations of Shiba Inu launching a gaming-related NFT with PlaySide Studios.