Shiba Inu Community Votes Overwhelmingly To Cap $BONE Farming at 230 Million Tokens

The vast majority of the Shiba Inu ($SHIB) community has voted via DOGGY DAO in favor of “Option A”, i.e. ” Stop BONE farms when they reach 230M minted Bones to save the remaining 20M for validators.”

In the upcoming layer 2 blockchain Shibarium, validators are given $BONE token as rewards confirming transactions and creating new blocks when necessary.

On June 19, the Shiba Inu team published a blog post (titled “Community Voice: BONE Farms Proposal”), which said that “if we are set to reserve BONE for its role within Shibarium, BONE Rewards on ShibaSwap must be stopped at some point of the next weeks (current minted Bones are sitting at 225M, and 230M should be the cap in order to save those 20M for Shibarium validators).”

They then described the two possible ways the community could vote:

  • Option A: “Stop BONE farms when they reach 230M minted Bones to save the remaining 20M for validators.”
  • Option B: “Over-minting 20M Bone more (increasing the total cap from 250M to 270M) to distribute them over the future.”

They mentioned that the proposal would go live on June 19 and last for seven days.

On June 27, the Shiba Inu team announced the results of the community vote on this proposal”

Accepted Proposal with 97.88% of votes: Halt all BONE farming upon reaching 230 million minted BONE token assets in order to save and secure the remaining 20 million minted token assets for Shibarium validators.

Declined Proposal with 2.12% of votes: Allowance of over-minting 20 million additional BONE token assets which would also increase the total circulating supply cap from 250 million to 270 million in order to distribute them over the future.

Image Credit

Featured Image by “LeandroDeCarvalho” via Pixabay

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