The creators of the most widely used cryptocurrency with a canine theme recently revealed the proposal’s outcome. When there were 230 million coins in circulation, the Community decided to stop all BONE farming and reserve the remaining coins for Shibarium validators.
The “Community Voice: BONE Farms Proposal” results have been made public by Shiba Inu’s team via a Medium post.
The specifics show that 1,647 votes have been cast in total. Of those, 97.88 percent favored stopping rewards. Only 2.12% of voters preferred over-minting an additional 20 million BONE tokens, which would have raised the total circulating supply limit from 250 million to 270 million.
On June 19th, the BONE Farms Proposal went live and was supposed to last seven (7) days. The Shiba Inu team wrote a blog post to describe how BONE will fit into the Shibarium Layer-2 while introducing the proposal.
“Validators get rewarded in $BONE for their work,” it said. “To develop Shibarium and reserve BONE for validator roles, we require safeguarding 20 million BONE.”
The Shiba Inu team gave the community two choices.
“OPTION A – Stop BONE farms when they produce 230 million minted Bones to reserve the final 20 million for validators.
Option B – Over-mint 20 million additional Bones, bringing the total to 270 million and distributing them over time.
The community chose option A with 87 percent of the vote.