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Shiba Inu Burns Shibarium

Shiba Inu Team Introduces New SHIB Burning Method Via Shibarium

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

The WoofSwap team, operating the decentralized exchange (DEX) on the Shibarium network, has unveiled a novel Shiba Inu token-burning mechanism through the introduction of a new token named FEED. TThe announcement was made via X, where WoofSwap detailed the intended impact of FEED.

The official statement read: “Feed will be a new wave of trends on Shibarium. Anyone or team can create a token based on Feed contract. Burn SHIB by minting. That’s the story.” The introduction of FEED has sparked a mix of enthusiasm and uncertainty within the SHIB community, with many users seeking clarity on its exact function and benefits.

New Way To Burn Shiba Inu

In response to the growing inquiries, Lucie, the Shiba Inu marketing lead known on X as @LucieSHIB, conducted an interview with the WoofSwap team. During the discussion, the WoofSwap team elaborated on how FEED facilitates the burning of SHIB.

Related Reading: Shiba Inu’s Shibarium Sees Massive 760% Spike In Daily Transactions, What’s Driving It?

“FEED operates through a specially designed smart contract that allows for the free minting of tokens. Users engaging in this process are required to pay gas fees denominated in BONE. As tokens are minted, these gas fees are consumed, and within the Shibarium network—a Layer 2 solution for Ethereum known for its low transaction costs—these fees directly contribute to the burning of SHIB tokens,” explained a WoofSwap spokesperson.

This mechanism not only incentivizes participation by minimizing the cost barrier but also ensures that each minting action incrementally reduces the total SHIB supply, thereby supporting its scarcity and potential value appreciation.

The team further discussed FEED’s token distribution model, which is inherently fair and inclusive, mirroring the decentralized ethos of Shibarium. “Unlike traditional token distributions that may rely on whitelists or impose restrictions on participants, FEED allows anyone or any team to mint tokens without prerequisites, aside from covering the minimal gas fees. This open-access approach is designed to democratize token creation and ensure that the burning process benefits the entire community,” they added.

Looking ahead, the WoofSwap team projected that the initial minting volume of FEED is expected to reach approximately 20,000,000 tokens. “While there is an anticipation that active trading of FEED might temporarily reduce this number, the overarching strategy is for FEED to catalyze further participation and token creation. As more users and teams engage with FEED, the cumulative gas fees will escalate, thereby amplifying the rate at which SHIB is burned,” shared the team.

Related Reading: Shiba Inu Burn Rate Jumps 6,750% In 24 Hours As Analysts Predict Major Price Moves, Is $0.00008 Still Possible?

When queried about potential partnerships to bolster FEED’s efficacy in burning SHIB, the WoofSwap team acknowledged that there are currently no formal partnerships in place. However, they are actively seeking to assemble a Chief Technical Officer (CTO) team to lead the development and strategic direction of FEED.

“The pioneering approach of FEED will inspire other projects within the crypto space to adopt similar smart contract mechanisms, potentially fostering a collaborative environment that enhances SHIB’s burning infrastructure across the Shibarium ecosystem,” they noted.

Security was also a paramount concern addressed during the interview. The WoofSwap team assured the community that FEED is designed with robust security measures. “The smart contract governing FEED has been open-sourced, ensuring transparency and immutability, which prevents any alterations post-deployment.

Additionally, minting operations are restricted to occur exclusively via the block browser, eliminating the need for third-party decentralized applications (DApps) and thereby mitigating potential security vulnerabilities,” the team stated.

At press time, Shiba Inu traded at $0.00001748.

Shiba Inu price
Shiba Inu price hovers below the 0.236 Fib, 1-day chart | Source: SHIBUSDT on TradingView.com
Featured image created with DALL.E, 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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