BONE token was initially devised to reward SHIB holders but later repurposed to facilitate SHIB burns through Shibarium.
Lucie’s tweets address concerns about slow SHIB burns and shed light on the decentralized nature of Shiba Inu, akin to Bitcoin’s ethos.
Lucie, the official marketing lead of Shiba Inu (SHIB) has shared some interesting details about how BONE came into existence and why the mysterious SHIB founder Ryoshi wanted to create this altcoin in the first place. There were some key changes in the initial plan for the sake of achieving a more practical goal.
Lucie tweeted that initially, the purpose of creating the BONE token was to provide rewards to SHIB holders. However, the objective was later shifted to facilitate SHIB burns using the Shibarium layer-2 solution. Lucie did not specify whether this decision occurred before or after Ryoshi’s departure from the project, which took place in May 2022.
Currently, BONE tokens are utilized to power transactions on Shibarium, acting as a method for paying gas fees, per the Crypto News Flash report. A portion of these fees is allocated to developers for network maintenance, while the remainder is converted into SHIB and transferred to unspendable wallets for burning. Lucie stressed the importance of each token fulfilling its designated role within the Shibarium ecosystem.
Addressing Concerns on Low SHIB Burn
In a recent tweet, Lucie addressed concerns regarding “slow SHIB burns” and the current lack of contribution from the developer team. As the marketing lead for SHIB, Lucie highlighted that Shiba Inu, much like Bitcoin, operates without a centralized authority. She emphasized that the team cannot arbitrarily burn SHIB tokens, as Ryoshi gave up control by destroying his own burn keys and passing the vision to Shytoshi Kusama.
The primary purpose of creating SHIB was to encourage other developers to construct their own products and decentralized applications (dApps) within the Shiba Inu ecosystem. Therefore, Lucie asserted that those desiring increased SHIB burns must develop tools with significant utility.
In such cases, the team will earn BONE tokens, which will subsequently be converted into SHIB and burned. Lucie emphasized that the decentralized nature of SHIB allows anyone to build upon it, similar to the ethos surrounding Bitcoin. However, she acknowledged that building on SHIB requires substantial resources, focus, and perseverance.
Earlier this year, Shiba Inu’s Layer-2 platform Shibarium unveiled its DAMN protocol released with the key goal of burning BONE with each transaction, as reported by Crypto News Flash. This deflationary approach not only restricts the circulation of DAMN tokens but also enhances scarcity and value for both DAMN and BONE.
SHIB Burns Surge 5,800%
In the last 24 hours, there’s been a massive surge in the burn rate for Shiba Inu (SHIB). This equates to the elimination of a total of 26,430,838 SHIB tokens. The most substantial burn involved 24,176,493 SHIB tokens 22 hours ago, while the second largest entailed transferring 1,000,000 SHIB meme coins to an unspendable blockchain wallet. In fiat currency terms, this amounts to roughly $569. Consequently, the burn rate has surged by a staggering 5,803.56%
