U.Today - BONE, the gas token of Shiba Inu's Shibarium project, a significant change known as "renouncing".
This process denotes that the contract owner has relinquished control, rendering BONE fully decentralized and insulated from any prospective alterations or manipulations.
Kaal Dhairya, a developer in the Shiba Inu community, confirmed this development in on the X social media platform, emphasizing the ongoing commitment to building decentralized, permissionless systems that are beneficial to the community.
Understanding the renouncing process
In the case of , "renouncing" refers to the process of relinquishing control to bolster decentralization and secure the system against unwanted interventions.The intricate process involved a Timelock contract and a decentralized multisig wallet, with every step rigorously tested for errors to maintain system integrity. The included setting allocation points to zero, generating a dummy token, and updating reward structures before the final renouncement of the BONE contract.
A BONE price spike
Post-renouncement, BONE experienced a noticeable uptick in value. The price of the Shiba Inu ecosystem token is up by nearly 7%, according to , currently standing at $0.90, with a market cap of $226 million.However, the price of the native SHIB token is down 1.3% over the past 24 hours.