The $BONE token, part of the Shiba Inu ($SHIB) ecosystem, surges 10% after developers renounce the deployer contract, enhancing security.
Key Points
- $BONE, a main cryptocurrency within Shiba Inu’s ecosystem, rises by over 10%, trading near $0.9 with a market cap of over $200 million.
- The surge followed the renouncement of the BONE deployer contract, bolstering protocol security.
- BONE functions as the main asset on Shibarium, a platform developed by Shiba Inu, with a limited supply of 250 million tokens.
- Shibarium network surpassed 2 million transactions and has processed 740,000 blocks, offering better BONE rewards than ShibaSwap.
The Shiba Inu ($SHIB) ecosystem is garnering attention once again as its BONE token witnessed a remarkable surge.
Trading close to the $0.9 mark, $BONE’s appreciation outperformed many in the crypto sphere. This ascent came after an announcement by the protocol developers: they’ve fully renounced the deployer contract for BONE.
The deed is done, $BONE is now renounced via the TopDog contracthttps://t.co/ct3QFQMlhV
We will continue to build decentralized, permissionless systems for the benefit of the community.
— Kaal (@kaaldhairya) September 26, 2023
SHIB Smart Contract
Renouncing a smart contract essentially implies that its creator relinquishes any ability to modify or update it.
Such a measure instills confidence among investors, reinforcing the belief that the contract remains immutable and safeguarded against the whims of its originators.
The Shiba Inu’s ecosystem, an Ethereum-based, community-driven decentralized currency, has emerged as a dominant force since its inception in 2020.
Apart from $SHIB, the ecosystem thrives on other tokens such as BONE, a pivotal token granting the Shib Army voting rights on project proposals through the Doggy DAO. BONE also represents the main asset on the Shibarium network, Shiba Inu’s brainchild.
Another gem in their arsenal is LEASH, a scarce token offering unique perks to its staunch adherents.
Shibarium, acting as the project’s layer-2 scaling solution, recently crossed the 2 million transaction threshold, with daily transactions nearing 200,000.
The network’s success isn’t just confined to transaction numbers. Over 1.25 million wallet addresses have been initiated, and more than 740,000 blocks processed.
LucieSHIB, the marketing strategist for the Shiba Inu ecosystem, also hints at Shibarium dispensing more lucrative BONE rewards compared to ShibaSwap, their Ethereum-based DEX.
Concluding Thoughts
The Shiba Inu ecosystem’s agility in adapting and reinforcing its infrastructure, as seen with the BONE’s deployer contract renouncement, showcases its commitment to fostering trust within its community.
Such moves not only cater to immediate market reactions but also pave the way for long-term stability and growth.
As the decentralized finance landscape continues to evolve, protocols that prioritize security and user trust will undoubtedly stand out.
The Shiba Inu ecosystem, with its multifaceted offerings and strategic developments, seems poised to remain at the forefront of this dynamic crypto era.
