One of the three primary tokens in the Shiba Inu ($SHIB) ecosystem, Bone ShibaSwap ($BONE), has been listed on a major cryptocurrency exchange after its price surge this year propelled it into the top 100 cryptocurrencies by market value.
Gate.io, a well-known cryptocurrency trading website with a 24-hour spot trading volume of close to $700 million, recently announced it was adding a BONE/USDT trading pair for its members.
According to CryptoGlobe, BNOE’s price has increased by more than 100% so far this year, propelling it into the top 100 cryptocurrencies by market capitalization.
The coin is well-known for being essential to the ShibaSwap platform’s decentralized autonomous organization and, according to Coinbase, it’s a “governance token that seeks to enable the Shiba users to vote on the next proposal on Doggie DAO.”
Via ShibaSwap, users may exchange their ERC20 tokens for other currency, allowing BONE token holders to profit by adding liquidity to the network. Holders of BONE tokens may also invest on the platform to make money.
Shibarium also relies heavily on BONE since, as the platform’s developers have said, every transaction on it uses BONE to pay for gas taxes and burns SHIB to make it more rare.
Prior to the anticipated release of Shibarium, the price of the token has been increasing. In order to perform transactions on the Shibarium ecosystem, Shibarium will collaborate with Ethereum. Processing it on the Shibarium chain will need a significant portion of the transaction load the Shiba Inu ecosystem now places on Ethereum.
The native currency of the “blockchain of blockchains,” Polkadot ($DOT), and other tokens were included in Binance’s Proof of Reserves verification mechanism earlier this month, as reported by CryptoGlobe.
Using Binance’s Proof of Reserves method, consumers can effectively confirm via a cryptographic technique called a Merkle Tree that the cryptocurrency exchange has assets in reserve to support the money they have put on the platform.
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