Last Updated: August 2, 2023
• Developers confirmed Bone ShibaSwap (BONE) to be the only gas fee token.
• Unification is working on a Liquid Staking Derivative (LSD) token on ETH.
• Shiba Inu’s (SHIB) burn rate dropped by 92% following the news.
Bone ShibaSwap (BONE)
Developers have confirmed that Bone ShibaSwap (BONE) will be the only gas fee token in the popular canine memecoin’s own ecosystem. The Unification team has also been working on a Liquid Staking Derivative (LSD) token on Ethereum, which could be traded on Curve Protocol if approved.
Shiba Inu Burn Rate
The launch of Shibarium Beta was expected by many SHIB holders, but the disappointment caused a drastic drop in SHIB tokens burned – only 2,358,975 tokens were sent ablaze in the last 24 hours, amounting to just $30.69 worth of tokens being destroyed for price stability.
Ringoshi Toitsu explained that BONE could be staked on Shibarium and receive wrapped version of it back called T-BONE. This means that T-BONE can be paired with BONE to earn a higher APR and maintain liquidity for Shibarium.
Shytoshi Kusama Introduction
In response to this news, lead developer Shytoshi Kusama published an 8-minute long read introducing Shibarium to its fan base. This was meant to motivate SHIB holders and make them understand why burning tokens is important for price stability and growth of their favorite coin.
Overall, Bone ShibaSwap (BONE) proposal is arousing much interest from SHIB holders as they are expecting demand for BONE tokens to increase after its launch due to its position as governance token used in Layer-2 system combined with LSD trading possibilities available through Curve Protocols. With proper motivation from developers, SHIB holders may still find reasons for burning their coins as this process helps maintain stable prices and improves liquidity levels across all platforms involved in the memecoin’s ecosystem.