Shiba Inu DAO Is Overwhelmingly Against Minting BONE For Shibarium


Shiba Inu DAO Is Overwhelmingly Against Minting BONE For Shibarium

A Doggy DAO vote on Shibarium L2 BONE awards appears to have already given up its choice.

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The current Shiba Inu Doggy DAO vote is overwhelmingly in favor of suspending BONE payouts rather than minting new tokens ahead of the Shibarium Layer-2 launch.

Because BONE is Shibarium's gas token, the SHIB team proposed possibilities for allocating BONE incentives to Shibarium validators, with the Doggy DAO having ultimate discretion.

With a staggering 98% of votes presently in favor of stopping awards, the outcome of the vote appears to be certain.

Vote for BONE Rewards in the Doggy DAO

The Shiba team outlined how BONE will integrate into the Shibarium Layer-2 in a blog post about BONE farming. It stated, "Validators are compensated in $BONE for their efforts." "We need to save a total of 20 million BONE to create Shibarium and reserve BONE for validator duties."

20 million BONE costs roughly $8.7 million at the moment. Only 250 million BONE are expected to be released, accounting for around 8% of the total supply.

The SHIB team, on the other hand, does not have this BONE. This meant consulting the DAO on how to reserve the 20 million BONE.

There were just two options. Option A was to halt BONE farming after 230 million bones and reserve the rest for Shibarium validators. Option B would raise the BONE maximum to 270 million, with the additional 20 million going to Shibarium.

Shiba Inu DAO Supports Reducing Rewards

Following the start of the vote session on June 19, it appears that DAO members will opt for Option A, halting BONE's ShibaSwap incentives for Shibarium. Option A has received 29 million staked BONE (tBONE) votes two days into the poll. In the meanwhile, only 557,000 tBONE support Option B.

This results in a 98:2 vote in favor of Option A, a landslide victory.

Of course, the polls will be open until the end of the day.

While the reasons for this will differ, some holders have linked the over-minting idea to governments' ability to generate money. Within the bitcoin community, such inflationary methods are highly divisive. Some even expressed reservations about the BONE contract, wondering whether such over-minting was ever conceivable.

Others perceive a lesser supply as beneficial to their personal holdings and the price of BONE, just like SHIB burners seek to limit the Shiba supply.

If the vote succeeds, Shibarium's BONE incentives would come to an end shortly. Currently, there are 225 million BONEs in circulation, which is just five million short of the planned ceiling. This might happen in the "coming weeks," according to the Shiba team, as opposed to two years with the initial cap.

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