Shiba Inu has shared details of how it plans to burn SHIB on Shibarium.
With the Shibarium Beta launch just 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’s Layer 2 Network, the team confirmed that all Shibarium-based transactions would have an implied burn value for the doggy-themed token.
The move is part of the team’s effort to fulfill its earlier pledge to contribute to the ongoing SHIB token burning campaign.
“To fulfill the promise and often requested by the Shiba community, we confirm that all transactions on the network will have an implied burn amount for $SHIB token,” it said.
Shiba Inu is developing an updated fire portal for Shibarium
According to the announcement, the team also wants to develop a revamped burn portal to implement the burns for each transaction on Shibarium. Notably, an unspecified number of SHIB tokens will be deducted from the base gas fee of each transaction within the upcoming network. The announcement stated that the tokens would be burned through Shiba Inu’s revamped fire portal.
The team added that once it implements the feature, Shiba Inu’s total supply will reflect the number of tokens burned in the crypto’s total supply. It hopes that the initiative will have a significant impact on the circulating supply of Shiba Inu in the future.
Meanwhile, Shiba Inu plans to share more information about the revamped fire portal and how the platform will function alongside Shibarium in an upcoming post. Shiba Inu said the revamped fire portal, which is still being developed, is specific to Shibarium.
Moves to burn SHIB via Shibarium
The announcement comes less than two weeks after Shibarium’s development team noticed the upcoming Layer-2 network would support SHIB burns. According to the announcement, every transaction on Shibarium will help burn SHIB. While BONE is the required gas token for any Shibarium based transaction, the withheld gas fee is burned into SHIB after the necessary conversion.
The move will greatly contribute to SHIB’s vision of reducing its initial stock of 1 trillion. Burning SHIB’s supply is seen as a major effort to increase the value of the cryptocurrency in an effort 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 supply, according to data from the Shibburn tracking platform.
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