Shiba Inu Community Passes Proposal To Halt BONE Farming: What It Means

The Shiba Inu (CRYPTO: SHIB) community has overwhelmingly voted in favor of a proposal to halt the minting of BONE (CRYPTO: BONE) at 230 million tokens.

What Happened: According to an update released by the DOGGY DAO on Monday, 97.88% of the community voted in favor of capping BONE so that the remaining 20 million minted tokens can be reserved for Shibarium validators.

DOGGY DAO: Bone Farms Proposal Results released.

Read more..https://t.co/SNTKjmh3Za

— Shib (@Shibtoken) June 27, 2022

BONE is the rewards token that also serves as a governance token in the SHIB ecosystem. Another key function of BONE would be its use as in paying fees on the upcoming Shibarium layer 2 protocol.

See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?

According to data from Benzinga Pro, SHIB saw a near 40% rally over the last week to a three-week high of $0.000012. Market participants attributed much of this price action to the enthusiasm surrounding the BONE proposal.

At press time, SHIB was trading at $0.000010, down 7% over the last 24 hours, according to data from Benzinga Pro.