- SHIB community votes in favor of BONE farming halting.
- The halt was proposed by the community upon reaching 230 million tokens.
- The proposal was passed with 97.88% of the votes in favor.
According to a recent report, the Shiba Inu community has unanimously chosen to stop all BONE farming once it reaches 230 million tokens. The 20 million tokens left over will be reserved for validators.
The initiative received over 98 percent of the community’s support through the decentralized autonomous organization Doggy DAO. Alternatively, voters could have boosted the number of tokens in circulation to 270 million.
The vote, which took place over the course of about a week, was crucial to Shibarium’s growth. The ecosystem’s governance token, BONE, will be used by the much-anticipated Layer 2 scaling solution as the native gas token.
BONE tokens are given to validators as payment for their confirmation of transactions. The 20 million tokens held by the community have to be secured in order to keep the network running.
The Shibarium Layer 2 solution’s beta test debut is anticipated during the third quarter of 2022.
Shibarium’s primary objective is to significantly reduce the transaction costs charged by Shiba Inu. One of the most serious problems Ethereum, the native blockchain of the second-largest cryptocurrency, continues to experience is scalability.
At the time of publication, SHIB was trading at $0.000009775, down 2% in the previous 24 hours. BONE was trading at $0.06037 at the time, a 9.32 percent decrease from the previous day.
Last but not least, a new “community voice” proposition will be made, according to DoggyDAO. The team has not made clear what this would be about, but they want to engage the neighborhood.