Bone ShibaSwap
BONE
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
BONE (Bone ShibaSwap) functions as the governance token for ShibaSwap DEX and the native gas token for the Shibarium Layer-2 network. The project benefits from a capped hard supply of 250 million with near-total circulation (~249.87M), eliminating future unlock dilution, alongside active development on Shibarium roadmap initiatives. However, the asset faces significant structural and security headwinds: the official CertiK Skynet assessment reports no verified third-party audit, and the Shibarium bridge experienced a ~$2.4M–$2.8M exploit in September 2025 due to compromised validator keys. While the bridge was remediated and relaunched in October 2025 alongside a user repayment plan, market metrics reflect weak liquidity, pseudonymity of core leadership, and a catastrophic ~99.6% drawdown from historical peaks. The weighted average score of 4.6 mathematically reflects these mixed fundamentals and high operational risks across development (5.5), community (2.5), tokenomics (6.5), market use case (3.5), governance (5.0), and security (3.5).
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Bone ShibaSwap (BONE)
BONE (Bone ShibaSwap) is an ERC-20 utility and governance token on the Ethereum blockchain that serves as a core component of the Shiba Inu ecosystem. It functions as the governance token for the decentralized exchange ShibaSwap and operates as the native gas token for the Shibarium Layer-2 network. Through the Doggy DAO governance framework, token holders vote on protocol parameters and ecosystem proposals. BONE has a hard-coded maximum supply of 250 million tokens, with approximately 249.87 million tokens currently in circulation, eliminating future unlock overhang.
Within the network architecture, transaction base fees on Shibarium have utilized mechanisms such as ShibTorch to convert BONE and burn SHIB tokens, while staking BONE yields tBONE via block-reward emissions. The project's development roadmap includes an integration of fully homomorphic encryption for privacy and ongoing governance coordination via WoofSwap. The token contract was renounced via a TimeLock mechanism to cap total issuance.
BONE has experienced notable security incidents and market downturns. In September 2025, the Shibarium bridge suffered an exploit resulting in an estimated loss of $2.4 million to $2.8 million due to compromised validator keys. Following the incident, the bridge was relaunched in October 2025 with added withdrawal delays, a user repayment framework, and a migration to decentralized RPC infrastructure. Furthermore, CertiK Skynet records confirm no third-party smart contract audit on file. The asset has experienced an unrecovered price drawdown of roughly 99.6% from its historical peak, liquidity constraints related to reported exchange delistings, and continued reliance on pseudonymous leadership under Shytoshi Kusama.