Shiba Inu Ecosystem Token $BONE Listed on Major Justin Sun-Backed Crypto Exchange
Bone ShibaSwap ($BONE), one of the three main tokens within the Shiba Inu ($SHIB) ecosystem, has been listed on a major cryptocurrency exchange backed by the founder of Tron ($TRX) Justin Sun.
Poloniex, the crypto exchange in question, announced that it is listing BONE, a cryptocurrency that will be used to pay for the gas fees of Shibarium, Shiba Inu’s highly anticipated Ethereum-based layer-2 scaling solution.
The token is known to be central to the ecosystem’s decentralized exchange ShibaSwap, and according to Coinbase, it’s a “governance token that aims to allow the Shiba users to vote on the upcoming proposal on Doggy DAO,” which is the ShibaSwap platform’s decentralized autonomous organization.
ShibaSwap allows BONE token holders to earn rewards for providing liquidity to the network, with users being able to swap their ERC20 tokens for other coins through it. BONE token holders can also stake on the platform to earn interest.
BONE is also central to Shibarium, as the team behind the platform has confirmed that every transaction on it will require BONE to pay for gas fees, and will burn SHIB to make the latter more scarce.
The token’s price has been rising ahead of the expected launch of Shibarium. Shibarium will work alongside Ethereum to process transactions on the Shibarium ecosystem. It will take a large cut of the transaction load the Shiba Inu ecosystem currently brings onto Ethereum to process it on the Shibarium chain.
As CryptoGlobe reported, the rise has seen BONE become a top 100 cryptocurrency earlier this month. The addition of BONE to Poloniex’s listing is a significant development for the Shiba Inu ecosystem, as it opens up new avenues for investors to get involved.
Featured image via Pixabay.
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