While this was always the plan, according to the Woofpaper, some SHIB holders responded with criticism and confusion. BONE is also the token of choice for Shibarium, too.
However, Shiba project lead Shytoshi Kusama has now explained why BONE was the necessary choice for the DAO and Layer-2.
BONE and the Shiba Ecosystem
During an AMA in a Spanish Telegram group, Shytoshi explained some of the recent choices made by the dev team. On BONE, he said:
BONE was chosen because it isn’t controlled by large bankers/exchanges, and mostly it is owned by us.
When you are dealing with voting, you want a decentralised voting system and truly the people to be in control.
That’s not the case if Exchange X can vote to do Y.
Because of the way centralised exchanges work, exchanges such as Binance and Coinbase hold the keys to large portions of SHIB - not the users. Binance holds the largest Shiba Inu Coin wallet behind the burn address, with over 45 trillion SHIB. It also has several other large wallets containing SHIB.
This means that for voting in DAOs, these exchanges could sway votes and wield significant power.
However, Shytoshi also reaffirmed that SHIB is still a core part of the ecosystem. “The true power is when these three (or more) tokens come together to create an ecosystem in the digital and physical world unlike any other,” he said.
After BONE spiked in price to $1.69 following the AMA, it is now trading at $0.89