Shibarium is considered the biggest catalyst for a thriving Shiba Inu ecosystem. Currently, the layer-2 scaling solution for Shiba Inu is in the beta phase, and an exact launch date is not yet known.
Previous statements indicate that Shibarium will launch on the mainnet before the end of 2023, but audits are planned before that, as Shiba Inu lead developer Shytoshi Kusama recently revealed. One token that will become significantly more important to the SHIB ecosystem once Shibarium is live is Bone ShibaSwap (BONE).
Shiba Inu Developer Clears FUD
BONE will be the only token that can be used to pay gas fees on Shibarium. This means that the token will have an additional use case that is of extremely high importance. Every transaction on the layer-2 network must be paid in BONE.
Despite this, BONE has only been listed on a few major central exchanges (DEXs) so far. The exchange with the largest trading volume of the Shiba Inu ecosystem token is currently the decentralized exchange Uniswap.
It is followed by Huobi, Gate.io, OKX, Bitget and MEXC. All of the top 5 exchanges by volume, notably Binance and Coinbase, have so far refused to list BONE.
That’s what the rumor (FUD) revolves around, which Shiba Inu developer Ragnar Shib (@RagnarShiba) cleared up in a Twitter thread today. The rumor has it that the BONE contract must be renounced in order to be listed on the major exchanges.
However, according to Ragnar Shib, this is fundamentally wrong. According to the SHIB developer, the BONE contract should not be renounced, as the token will also be the reward of validators for verifying transactions in the Shibarium network.
“Those rewards will be created, meaning minted. And for it the contract needs not to be renounced, otherwise, the mint function won’t work,” Ragnar said.
Furthermore, 20 million of the total 250 million BONE total supply has been reserved for Shibarium validators. These 20 million BONE for the validators must be minted, which is not possible if the contract is revoked.
As for listings on major exchanges, Ragnar states that there are already many major exchanges that have listed BONE. “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.”
Lastly, Ragnar assured that the Shiba Inu team is working to list BONE and all other ecosystem tokens on as many exchanges as possible to have a wider reach and drive adoption. The real reason some exchanges haven’t listed BONE yet, he said, is another:
[B]ecause they are waiting for Shibarium to be tested more and to be launched in mainnet. But is Ok, the work is being done and we will be there soon. So ShibArmy, stay strong!!!
At press time, the BONE price stood at $0.8818.
Featured image from iStock, chart from TradingView.com
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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin’s financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.