The team behind meme-based cryptocurrency Shiba Inu has announced that it will be adjusting the minting rate of its reward token BONE.
The Shiba Inu team noted in a blog post today that the minting rate of the reward token has been adjusted to 1 BONE per block (1 BPB).
Important Notice in Regards to BONE Farms
— Shib (@Shibtoken) July 16, 2022
According to the announcement, the move is imperative to prevent the over minting of the BONE rewards, following the community’s decision to halt the minting of $BONE rewards at 230 million.
Notably, Shiba Inu still wants the ShibaSwap rewards to continue as preparations are ongoing for the release of the upcoming TREAT token.
“We understand reducing the BPB down may seem like a drastic approach to the rewards system right now, but to begin streamlining the future of ShibaSwap, this will allow the team to focus on the tasks that will bring these systems to life sooner rather than later,” Shiba Inu team said.
ShibaSwap Reward Proposal
Recall that in the recently concluded community proposal to halt the minting of the ShibaSwap reward token, over 98% of participants voted in favor of halting BONE rewards at 230 million.
BONE is capped to have a total supply of 250 million. The community also voted that the remaining 20 million BONE should be reserved for validators, who will be rewarded in the token for their work.
With BONE rewards expected to stop minting at 230 million, Shytoshi Kusama, the lead developer of Shiba Inu, recently revealed that a new token dubbed TREAT would be launched to replace it.
However, the Shiba Inu team has yet to choose a date to release TREAT. Furthermore, the team has not revealed the tokenomics of the upcoming cryptocurrency.
As BONE edges closer to 230 million caps voted by the community, Shiba Inu has decided to slow down the minting rate of the token to ensure ShibaSwap rewards continue.