The results from the Shiba Inu DoggyDAO are in. The community has decided to halt BONE minting at 230 million. The development team had given two options to the community. The first was to stop BONE minting at 230 million, and the other was to extend production to 270 million. An overwhelming number of people voted for the first option (97.88%).
On the 19th of June, the Shiba Inu team announced they would need to safeguard 20 million BONE tokens for Shibarium’s validators and sequences. However, BONE was programmed to be stopped at 250 million. This led to the dilemma of whether the team should halt minting at 230 million and use the rest for Shibarium or extend production to 270 million.
From the moment the vote went live, it was a one-sided story. A majority of people were against the over-minting of BONE tokens. The notion of excessive coinage was related by some holders to the power of governments to print money. Such inflationary tactics are pretty divisive in the crypto world. When they expressed concerns about the BONE contract, some even questioned how this over-minting procedure was remotely possible. Additionally, similar to how SHIB burners want to limit the supply of Shiba Inu tokens, some believe that a smaller pool will boost the value of their assets and the price of BONE.
As of last week, 235 million BONE had already been minted.
When Shibarium, Shiba Inu’s L2?
Shibarium is Shiba Inu’s layer-2 protocol. It will reduce transaction costs for the token. Moreover, BONE is the intended gas token for the network.
The organization developing Shiba Inu’s Shibarium layer-2, Unification, said the Public Beta TestNet would kickstart in Q3 of 2022. In a blog post published by Unification, Maziar Sadri claims that the public TestNet will let other parties communicate with the network.
At press time, SHIB was trading at $0.00001089, up by 33.5% in the last seven days. Meanwhile, BONE was trading at $0.483963, up by 15.9% in the last seven days but down by 5.5% in the previous 24 hours.
Lastly, DoggyDAO has announced that there will be a new “community voice” proposal. The team has not revealed what this would be regarding but hopes to get the community on board with it.
