The price of the $BONe token, one of the three main cryptocurrencies within the Shiba Inu ($SHIB) ecosystem, has surged over 10% to outperform the wider cryptocurrency market to now trade close to the $0.9 mark and have a market capitalization above $200 million.
According to available market data, BONE’s price seemingly surged after the developers behind the protocol announced that the deployer contract for BONE was fully renounced, which effectively helps boost the protocol’s security, as CoinDesk first reported.
When a smart contract is renounced, it means that the person who created it gives up their power to alter or update it. This makes investors feel more secure, as they know that the contract is fixed and cannot be tampered with by the creator.
It’s worth noting the SHIB ecosystem has three main tokens. The Shiba Inu ecosystem’s main token, SHIB, is a community-driven, decentralized currency that runs on the Ethereum blockchain and was launched in late 2020. It has become a global phenomenon and can be used as a payment method in various places, either directly or through third-party services.
BONE is another token in the ecosystem, which has a limited supply of 250 million. BONE allows the Shib Army to have a say in the future of the project by voting on proposals through the Doggy decentralized autonomous organization. BONE also functions as the main native asset on the Shibarium network, which is a blockchain platform developed by the Shiba Inu team.
The ecosystem also includes LEASH, a token with a limited supply of 107,646 that offers exclusive benefits to dedicated supporters of the ecosystem.
As CryptoGlobe reported, data from Shibarium network explorer Shibariumscan, the Shibarium network – a layer-2 scaling solution of the project – has seen its transactions surpass the two million mark earlier this month to now stand at 2.99 million, with the average number of daily transactions now being close to the 200,000 mark.
Shibarium’s network, according to the explorer, has also processed over 740,000 blocks so far, and over 1.25 million wallet addresses have so far been created. The network, according to the marketing strategist for the Shiba Inu ecosystem LucieSHIB, offers more favorable BONE rewards than ShibaSwap, the decentralized exchange (DEX) built on the Ethereum network.
Featured image via Pixabay.