Wrapped BONES
Crypto Overview
Overview
Wrapped BONES (WBONES) is the wrapped version of BONES token, which is the governance token of ShibaSwap decentralized exchange. WBONES allows BONES tokens to be used on other blockchain networks through wrapping, which maintains a 1:1 peg with the original BONES token.
Purpose and Utility
The primary purpose of WBONES is to provide cross-chain functionality for BONES tokens while maintaining their governance utility. The token enables holders to participate in ShibaSwap governance decisions across different blockchain networks.
Business Model
The business model revolves around providing liquidity and governance capabilities across multiple blockchain networks. The wrapping mechanism is transparent and follows standard wrapping protocols used in the cryptocurrency industry.
Real-World Adoption
The token shows limited but existing adoption primarily within the ShibaSwap ecosystem. Usage is mainly focused on governance participation and liquidity provision.
Platform Development
The development activity appears to be tied to the broader Shiba Inu ecosystem, with regular updates and maintenance of the wrapping mechanism.
Token Distribution
The token distribution follows the same pattern as the original BONES token, with the wrapped version being created on demand when users lock their BONES tokens in the wrapping contract.
Crypto Impact
To assign a comfort level investing in Wrapped BONES from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Wrapped BONES.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.