thecryptobasic.com
Kaal Dhariya, a top developer of the Shiba Inu ecosystem, has addressed concerns about whether the team could still mint Bone ShibaSwap (BONE) despite renouncing its contract.
Over the weekend, popular crypto YouTuber Random Artz called the Shiba Inu community’s attention to misconceptions that were being spread by a Solidity developer using the username @shallowhal-i4n.
Solidity Developer Says BONE “Is Still Mintable”
Specifically, this developer stated that the team behind the Shiba Inu ecosystem can still mint BONE if they choose to. The developer suggested that the BONE contract has a loophole that the team could exploit to create additional tokens.
He emphasized that BONE is still mintable unless the team renounces the contract and sets its supply to ‘not mint.’ Reacting to this claim, Random Artz labeled the Solidity developer as fake, criticizing them for spreading old FUD about BONE.
The YouTuber called on Shiba Inu community members to offer their best response to counter the misinformation.
Shiba Inu Developer Refutes Claims About BONE Minting
Dhairya joined other community members to counter the claim the so-called Solidity developer raised. The Shiba Inu developer identified the TopDog farming contract as the owner of the BONE contract.
According to Dhairya, the TopDog contract, which utilizes a 6/9 multi-sig wallet, had already renounced the BONE contract, preventing any further minting of additional tokens. He provided an Etherscan link confirming the team successfully renounced the BONE contract in 2023.
Notably, The Crypto Basic reported the development at the time, noting that the renouncement occurred through the TopDog contract. Based on the renouncement of the BONE contract, the team relinquished control of the token. In particular, this ensured that its supply remained fixed at 250 million.
This move also ensures that nobody, including ecosystem developers, can mint or add new BONE tokens to the supply.
Bone contract is and always was owned by the TopDog farming contract and the 6/9 multisig has already renounced that contract and no further minting is ever possible: https://t.co/x1DR65i72w https://t.co/NI26E6TeAT
— Kaal (@kaaldhairya) January 11, 2025
Reason Behind BONE Contract Renouncement
The Shiba Inu team renounced the BONE contract to get the token listed on top exchanges like Binance. At the time, several community members suggested that these top exchanges chose not to list BONE because the Shiba Inu ecosystem team still controlled the token’s contract.
Addressing this concern, the team took significant steps to renounce the contract, which included creating a proposal to halt BONE minting at 230 million and allocating the remaining 20 million tokens to Shibarium developers.
On September 23, 2023, the team officially announced that it had renounced the token’s contract, preventing any further minting. Despite this, BONE has yet to be listed on major exchanges, such as Binance and Coinbase.
In the meantime, BONE has a max supply of 250 million, with 229.92 million tokens currently in circulation. It is trading at $0.4482 per token, down 2.09% in the past 24 hours. BONE has also plunged by 98.92% from its previous all-time high (ATH) of $41.67, registered on September 13, 2021.