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Shiba Inu burn portal

Shiba Inu Lead Dev Confirms Development Of Burn Portal

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shytoshi Kusama, the lead developer of the Shiba Inu project, has confirmed the development of a “Burn Portal” for the Shibarium protocol. This announcement comes as the protocol continues to gain traction, following its successful relaunch after an initial setback in mid-August.

Lucie, a renowned SHIB influencer, shared a screenshot where Kusama confirmed the development of the Burn Portal. This was in response to a query from a community member on Telegram about the burn portal. “Burn will not and are not end all be all. We absolutely must increase adoption. But burn portal is in the works,” Kusama stated.

Burning tokens is a fundamental mechanism within the Shiba Inu protocol, where SHIB tokens are consistently burnt. The burns are designed to help increase the price of SHIB by reducing the amount of tokens in circulation. However, due to the enormous SHIB supply, a large number of burns is needed to have any influence on the price.

Related Reading: Shiba Inu Dev Provides Important Shibarium Updates In Latest Post

The burn portal is designed to facilitate the token burning process, a mechanism integral to the Shiba Inu protocol. According to documentation released in March, the portal will enable users to initiate a token “burn” during transactions, with 70% of the base fee being burned and the remaining 30% allocated for network maintenance. The burn process is triggered once $25,000 worth of BONE tokens accumulate in a dedicated contract, thereby removing SHIB tokens from circulation and contributing to the token’s deflationary mechanics.

Shiba Inu Adoption Over Burns

However, Kusama’s statement suggests a broader vision. While acknowledging the importance of the burn portal development, he emphasized the ultimate objective for the ecosystem is to enhance the adoption and utilization of the Shibarium protocol.

This perspective aligns with the sentiments of renowned Shiba Inu influencer, LucieSHIB, who recently commented, “We need to use Shibarium. It won’t burn SHIB if you don’t use it! Onboarding millions of people to Shibarium will take time and community effort.” LucieSHIB further pointed out that details about burns have been available on Shibarium’s official documentation for over half a year. She also highlighted the correlation between increased Shibarium usage and rising gas fees, stating, “The more you use Shibarium, the higher the traffic, which drives up gas fees.”

Related Reading: Shiba Inu Founder Linked to CCP, Wanxiang, Buterin 2 Years Before Launch

Kusama’s emphasis on adoption over burning resonates with the broader crypto narrative. Both mechanisms aim to ensure a robust circulation of the associated token and decrease the overall SHIB supply, ultimately enhancing its inherent value in the long term.

The Shibarium protocol, after recovering from its initial failed launch in August, is now on a trajectory of innovation. Plans are afoot to onboard more validators to fortify the ecosystem and to secure the ecosystem and to revoke the contract address of the scaling solution’s native token, Bone Shibaswap (BONE).

With the introduction of the burn portal, Shibarium seems poised to integrate a suite of innovations, potentially bolstering interest from both investors and users in the Shiba Inu ecosystem. The platform’s recent milestones, including surpassing one million transactions and accumulating over 1.1 million wallet addresses, further underscore its growing prominence in the crypto space.

At press time, SHIB traded at $0.00000752.

Shiba Inu price
SHIB continues its downtrend, 1-day chart | Source: SHIBUSD on TradingView.com
Featured image from Coinmarketcap, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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