Shiba Inu shared details of how he plans to burn SHIB at the Shibarium.
With the launch of Shibarium Beta around the cornerthe team behind the project has revealed how it plans to burn SHIB tokens within the Layer 2 network.
In a recently published blog postcalled Introduction to Shibarium: Shiba Inu Network Layer 2, the team confirmed that all Shibarium-based transactions will have an implicit burn amount for the dog-themed token.
The move is part of the team’s efforts to keep their previous promise to contribute to the ongoing SHIB token burn campaign.
“Keeping the promise and frequently requested by the Shiba community, we confirm that all online transactions will have an implicit burn-in amount for the $SHIB token,” he said.
Shiba Inu is developing a renewed Burn portal for Shibarium
According to the statement, the team also aims to develop a revamped recording portal to implement a burn for every transaction on Shibarium. In particular, an unspecified amount of SHIB tokens will be deducted from the base gas fee of each transaction within the upcoming network. The announcement states that the tokens will be burned through Shiba Inu’s renewed burn portal.
The team added that when it implements the feature, the total supply of Shiba Inu will reflect the number of tokens burned in the total cryptocurrency supply. It is hoped that the initiative will have a significant impact on the supply of Shiba Inu in circulation in the future.
Meanwhile, in an upcoming post, Shiba Inu plans to share more information about the revamped recording portal and how the platform will work alongside Shibarium. Shiba Inu said that the rebuilt burn portal, which is still being developed, is specifically for the Shibarium.
Transitions to Burn SHIB Via Shibarium
The announcement comes less than two weeks after Shibarium’s development team took notice the upcoming layer 2 network will support SHIB burning. According to the announcement, every transaction on Shibarium will help burn SHIB. Although BONE requires a gas token for every Shibarium-based transaction, the forfeited gas fee will be burned in SHIB after the necessary conversion.
This move will go a long way towards the vision to reduce SHIB’s initial stock of 1 quadrillion. Burning SHIB’s supply is seen as a major effort to increase the value of the cryptocurrency in an attempt to attract more investors to the ecosystem.
It is worth noting that the Shiba Inu community has successfully burned over 410.38T tokens from the offering, according to data from the Shibburn monitoring platform.
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