What is Bone ShibaSwap (BONE)?
BONE is one of a few native tokens of the ShibaSwap ecosystem. ShibaSwap is a decentralized exchange (DEX) that enables users to swap tokens. It also offers users earning opportunities through various DeFi products such as staking, liquidity provision, and farming. ShibaSwap is designed to help Shiba Inu (SHIB) realize its vision of providing utility to token holders through DeFi.
Bone ShibaSwap token, alongside other tokens (LEASH and SHIB), plays an important role in supporting the reward system for ShibaSwap. BONE is a utility and governance token. It allows users to add liquidity to the network (DIG) and earn rewards generated on a ShubaSwap Liquidity Pool. Users can also stake (BURY) their Bone ShibaSwap tokens for rewards. Additionally, the token is used to pay the gas fee on Shibarium (Shiba Inu’s Layer 2 solution).
Besides, as a governance token, BONE allows users to vote on important proposals on the protocol. Bone ShibaSwap crypto holders can vote on DOGGY DAO and ShibaSwap’s DAO. The voters also receive tBONE tokens as a reward.
BONE token holders who add liquidity to the network receive BONE SSLP tokens. The liquidity provider can then deposit their SSLP tokens in WOOF and earn allocated BONE as well as 0.1% of DAI and USDT returns. They also receive 0.05% of the allocated swap fees converted to BONE. Besides, the network allows users to claim 33% of the BONE rewards for both the DIG and BURY features.
The token is available for purchase on various exchanges. However, ensure you do the Bone ShibaSwap price analysis to make an informed investment decision. You can check the BONE price chart above for doing that.
Who Founded ShibaSwap?
ShibaSwap was founded by a team led by its pseudonymous founder Ryoshi. In May 2022, Ryoshi deleted all social media posts and left the ShibaSwap community. However, the project’s operations remained unaffected as the pseudonymous lead developer, Shytoshi Kusama, released an announcement to continue working towards realizing Ryoshi’s vision.
Tokenomics of BONE
Bone ShibaSwap coins have a maximum supply of 250 million tokens. The fixed supply mechanism helps in balancing the demand and supply that influences Bone ShibaSwap price. Additionally, the community voted to cap the total supply of minted tokens at 230 million to prevent over-minting of the tokens, which may affect the BONE price. The remaining 20 million BONE tokens are allocated to secure the Sibarium network and reward its validators. 10% of all token emissions are allocated to development and marketing funds.
