What is Bone ShibaSwap (BONE)? A Project Overview
Bone ShibaSwap (BONE) is one of the flagship tokens within the ShibaSwap ecosystem. It operates as a governance token, enabling members of the Shib Army to vote on Doggy DAO proposals. Furthermore, BONE underpins Shibarium, a layer-2 Ethereum-based blockchain network designed specifically for Shiba Inu.
Project mission
ShibaSwap is a decentralized exchange (DEX), built on the Ethereum blockchain by an anonymous developer or team, known as Ryoshi.
Source: blog.shibaswap.com
ShibaSwap is a cornerstone of the Shiba Inu ecosystem.
The Shiba Inu tokens are the seeds from which the ecosystem sprouted, and ShibaSwap is how they have dug in their rootsaccording to Shibapedia.
The mission of the exchange is to provide users with a safe place to trade tokens and to encourage the most active among them with incentives and rewards. In particular, it focuses on liquidity providers.
Three flagship tokens - SHIB, LEASH, and BONE - exist in the ShibaSwap ecosystem. They are used in a multi-component innovative reward system, which includes:
- DIG: Users can deposit SHIB tokens into the Dig liquidity pool. In return, they earn ShibaSwap Liquidity Pool (SSLP) tokens which can be exchanged for BONE. The size of the reward depends on the amount of locked coins.
- WOOF: A space for deploying SSLP tokens, rewarding liquidity providers with additional incentives. Users can instantly earn 33% of the bonuses, with the remaining 67% locked for six months.
- BURY: The platform offers a staking feature for its three key tokens, yielding passive income in BONE tokens. The amount of the reward is proportionate to the volume of staked assets.
Key insights on the Bone ShibaSwap (BONE) token
Source: docs.shibatoken.com
Purpose
Bone ShibaSwap (BONE) serves as the native governance token of the ShibaSwap ecosystem, facilitating Shib Army members' participation in Doggy DAO voting. The more tokens a user possesses, the greater their influence on the ecosystem's development.
Bone ShibaSwap (BONE) forms the foundation of Shibarium—a community-owned scalable L2 blockchain operating on Ethereum. Within this protocol, BONE is used for gas payments and to reward validators and delegators.
The maximum supply of Bone ShibaSwap (BONE) amounts to 250,000,000.
Current market status
As per coinmarketcap.com, at the time of writing, Bone ShibaSwap is ranked 140th in the global virtual currency market capitalization. The circulating supply comprises 229,923,446 BONE. The token is currently priced at $1.06. The market capitalization of the asset stands at $243,918,654, with a 24-hour trading volume of $2,373,686.
