Shiba Inu ecosystem revolves around three tokens – SHIB, BONE, and LEASH. Each token plays an essential role in the way Shiba Inu works. While SHIB is the primary token of Shiba Inu, BONE and LEASH serve secondary purposes. All these tokens are listed on the Shiba Inu exchange, known as ShibaSwap. For the uninitiated, ShibaSwap is a decentralized peer-to-peer exchange that allows SHIB Army to trade SHIB, BONE, and LEASH tokens.
SHIB vs. BONE vs. LEASH
SHIB is the utility token of ShibaSwap, which has become Shiba Inu’s flagship token. It is listed on all major exchanges and heavily traded in the crypto space. Initially, Shiba Inu released a SHIB supply of 1 quadrillion, and currently, there are 497 trillion SHIB tokens in circulation.
Shiba Inu BONE is the gas token that allows Shiba Inu holders to vote on important decisions. At the launch, BONE supply was 250 million. However, Shiba Inu’s Doggy DAO is currently voting on whether the supply should be increased to 270 million.
LEASH falls in the exclusivity bracket as it provides Shiba Army access to important events related to Shiba Inu. For instance, it allows access to NFTs. Due to the exclusivity factor, LEASH is limited and has a supply of just 107,646.
Shiba Inu BONE: A Governance Token that Provides the Power to Vote
BONE is the governance token of the Shiba Inu ecosystem. It is also known as the gas token as it provides SHIB investors, also known as the SHIB army, to vote on upcoming proposals. Therefore, if you hold BONE, you can participate in the decision-making process for Shiba Inu. It is worth noting that the Shiba Inu coin, like all other cryptocurrencies, is a decentralized form of money. So, no one in charge can decide based on their whims and fancies. Yes, Ryoshi (the founder of Shiba Inu) and Shytoshi (the leading developer of Shiba Inu) look after the crypto. Still, in the case of Shiba Inu, the power to make decisions or vote is limited to BONE holders.
Why Shiba Inu BONE is in News these Days?
SHIB is the only token that remains in the news because investors widely trade it. But now, we often see information about BONE on the Internet. The primary reason for Bone grabbing the limelight is that there is a crucial decision to be made, and only BONE owners can make that decision.
The voting is taking place to determine if there is a need to increase Shiba Inu BONE supply from the initially planned 250 million to 270 million. You see, the BONE production is close to 230 million at the time of writing, which leaves 20 million bones left to be produced. However, Shiba Inu is currently in the middle of launching a layer-2 protocol called Shibarium. Now, Shibarium would require its own gas fee, which means additional Shiba Inu BONE will be needed. So, if the BONE reserves are not increased to 270 million, the currently available BONE supply of 20 million will be exhausted.
At the time of writing, 98% of voters have voted for the supply to be halted at 230 million, so that the rest of the tokens can be reserved for Shibarium launch. Due to the voting and discussion, BONE has caught the public eye like never before. Such has been the frenzy around BONE that it can be now tracked on Binance.
In the past also, Binance has shown love for ShibaSwap tokens. For instance, it rewarded new crypto buyers with 45,000 SHIB tokens, so they could earn while learning to trade. If you don’t know, Binance is the largest cryptocurrency exchange in the crypto world when it comes to the total trading volume of cryptocurrencies.
Binance putting the Shiba Inu BONE price tracker on the website means a great deal for SHIB Army in these times of significant volatility. Most currencies on Binance, including Shiba Inu, have been going down in price since the turn of the year.
But in the latter half of June 2022, there was a spurt in Shiba Inu price, thanks to the burn initiatives and the upcoming Shibarium launch.
Also Read: Shiba Inu Price Forecast 2022-2030
Shiba Inu BONE remained in the background of the Shiba Inu ecosystem for a long time. But now, as we move on to the Shibarium launch, there is increased curiosity about the governance token. As BONE is used for voting, it gives the holders a lot of power. Seeing how vital BONE is, the biggest crypto exchange Binance has put a tracker for Shiba Inu BONE on its website. It has fueled the speculations about whether BONE will move out of ShibaSwap and find its place on the most coveted crypto exchange in the world.