Kaal Dhairya, a top Shiba Inu developer, has shared the latest update on BONE contract renunciation.
The team behind Shiba Inu has released a new update regarding the process of renouncing the Bone ShibaSwap (BONE) contract.
It bears mentioning that renouncing the BONE contract would require the Shiba Inu’s team to relinquish their control and ownership of the token’s contract. After renouncing the contract, the team will no longer have access to mint the token.
Notably, BONE enthusiasts have urged the Shiba Inu team to renounce the contract to enable top-tier exchanges, like Binance, to list the token.
In August, Shiba Inu’s lead developer Shytoshi Kusama assured BONE holders that the team would renounce the contract. He added that the development team would first mint the remaining 20 million BONE supply before the contract renunciation.
However, since Kusama shared the update, no significant announcement has been made regarding the renunciation of the BONE contract. Consequently, several BONE holders have taken to social media platforms to express their frustration with the development.
Reason Behind BONE Contract Renunciation Delay
In response, Shiba Inu’s top developer Kaal Dhairya released a blog post today explaining why the team has yet to renounce the BONE contract.
According to Dhairya, the initial design of BONE has added to the complexity of minting the remaining BONE supply and also renouncing its contract. He noted that the token was initially designed to protect investors.
As a result, certain measures were implemented to avoid human interference, including adding a timelock contract controlled by a group.
Steps Involved in Renouncing BONE Contract
Based on the complexity of BONE contract renunciation, Dhairya said the Shiba Inu team would conduct thorough testing before implementing the procedure on the mainnet.
He highlighted some steps involved in renouncing the token’s contract. These include creating a new liquidity pool, minting BONE to the desired value, and eventually renouncing the contract.
Furthermore, Dhairya said the Shiba Inu development team will use a timelock contract with a delay for safety.
Team Commences Steps to Renounce BONE Contract
Interestingly, Dhairya added that the team has started the process of renouncing the BONE contract. However, he clarified that the procedure will take time as there is a need to be cautious.
“We have already started this process but like anything it will need to be done very carefully and will take as much time as needed to finish,” Dhairya said.