Shiba Inu’s BONE minting halts 230 million - here’s why it’s significant

Shytoshi Kusama, the enigmatic lead developer of Shiba Inu

Shiba Inu’s sister token BONE stopped minting over the weekend after it hit the 230 million token milestone, an important number for the token and Shibarium.

When the Shiba team announced that 20 million in BONE would be reserved for Shibarium validators, 230 million was highlighted as an important number by the community. With a max cap of 250 million BONE, this amount theoretically marks the end of BONE rewards for ShibaSwap (although this isn’t entirely correct).

With BONE minting halted, here’s a deeper dive into why today is perhaps significant for Shiba Inu.

BONE minting milestone

In a post on September 9, the official ShibaSwap Twitter account confirmed BONE had stopped minting.

🍖 Update: Due to BONE's current supply of just over 230 million, BONE minting has officially been halted.

The remaining approximately 20 million is designated for Shibarium validators.

The maximum supply of BONE is 250 million, and will always remain that way, for the token. https://t.co/ynGK7wJU9i

— ShibaSwapDEX (@ShibaSwapDEX) September 9, 2022

“Due to BONE’s current supply of just over 230 million, BONE minting has officially been halted,” it said. “The remaining approximately 20 million is designated for Shibarium validators.

“The maximum supply of BONE is 250 million, and will always remain that way, for the token.”

Minting officially halted with a total of 230,003,022 BONE now in circulation. It currently has a price of $1.88, up 10% in the last 24 hours.

With mining halted, so too will BONE rewards on ShibaSwap. Instead, the new TREAT token will be deployed as a ShibaSwap reward. However, no date has been set on when this token will launch, although several fake TREAT tokens have launched which SHIB holders have been warned about. Until this launches, it seems there will be no rewards on ShibaSwap during this transition period.

The Shiba Inu team has not said when minting for the additional 20 million will resume, although we’d expect this to be around the time Shibarium launches. The Layer-2 still does not have a release date. Unification, the Shibarium developers, did suggest a Shibarium beta could launch during Q3 2022, but it seems the Shiba Inu team may have dismissed this date.