In the ever-evolving landscape of cryptocurrencies, a notable development is brewing within the Shiba Inu ecosystem. Bone ShibaSwap (BONE), the gas fee token of Shiba Inu’s independent blockchain Shibarium, is on the verge of gaining entry to major crypto exchanges. This comes after a month of Shibarium’s successful relaunch, coupled with a 32.7% monthly decline in the value of BONE, raising questions among crypto enthusiasts and investors.

The delay in Bone ShibaSwap’s adoption by major exchanges has been attributed to the postponement of $BONE’s contract renunciation, a pivotal step in ensuring the token’s long-term viability and trustworthiness. It’s worth revisiting the events that led to this crucial juncture in the world of Shiba Inu.

The Genesis of $BONE Renunciation

In the annals of Shiba Inu’s history, a significant decision was made by the SHIB Army last year. They collectively voted for a radical change: no more $BONE would be minted. This decision was driven by the desire to maintain the scarcity of $BONE, a fundamental principle in the cryptocurrency realm.

To comprehend the intricacies of this transformation, we turn to Kaal Dhairya, a prominent Shibarium developer. In a recent post on SHIB.io, Kaal provided a comprehensive explanation of how BONE’s contract was meticulously deployed with a TimeLock mechanism intricately tied to a multi-signature decentralized wallet. This setup was designed to prevent any unfair control of the gas fee token.

“This adds to the complexity of minting the remaining BONE and renouncing the ownership of the BONE contract to another level,” revealed Kaal, highlighting the intricate nature of this process.

The Two-Step Renunciation Process

Kaal elucidated the two crucial steps involved in the renunciation of $BONE’s smart contract, shedding light on the painstaking efforts required to complete this transformation.

Step 1: Queuing the Transaction

In the first step, a transaction within the TimeLock contract is queued to trigger the minting function in the TopDog contract. The TopDog contract serves as the parental entity of $BONE. This queued transaction is executed with a delay in accordance with the variable set within the TimeLock contract.

Step 2: Executing the Transaction

Subsequently, the transaction is executed, leading to the minting of tokens. Kaal Dhairya confirmed that the initiation of the smart contract renunciation process is underway, heralding a defining moment in the life of $BONE. Once this process reaches completion, it will result in the renunciation of ownership of $BONE, imposing a hard cap on the gas fee token at a maximum supply of 250,000,000.

Implications of Contract Renunciation

The imminent completion of the contract renunciation process holds significant ramifications. Foremost among them is the likelihood of major crypto exchanges opening their doors to $BONE. Most major exchanges necessitate the relinquishment of control over a token’s smart contract before considering it for listing. With this hurdle on the brink of being overcome, the path to wider adoption for $BONE appears clearer than ever.

A Wider Significance

Why should the wider crypto community take note of these developments within the Shiba Inu ecosystem? It’s because Shiba Inu’s ecosystem tokens, including $BONE, have garnered attention as some of the most closely observed altcoins in the crypto market. The progress made by $BONE in terms of contract renunciation and potential listing on major exchanges could have ripple effects throughout the broader cryptocurrency landscape.

Conclusion

In the ever-evolving world of cryptocurrencies, the Shiba Inu ecosystem continues to be a source of intrigue and innovation. The impending renunciation of $BONE’s smart contract signifies a pivotal moment, one that could propel the gas fee token into the mainstream crypto exchanges. As the countdown to this momentous event continues, the entire crypto community watches with bated breath, recognizing the potential impact it could have on the future of decentralized finance.