Shiba Inu Blockchain’s Pawswap Includes Token Burning Functionality

Shiba Inu Blockchain's Pawswap Includes Token Burning Functionality

The creators of Pawswap, a decentralized exchange that operates on the Shibarium network of the Shiba Inu blockchain, have included a code in their software that enables the burning of its native token, PAW. This means that the token can be permanently removed from circulation, reducing its supply.

Dezaxe, who is an ambassador for the Pawswap ecosystem, has brought to light a specific line of code that has been added to the “PAWSWAP flexible stake” file. This file was recently uploaded to the Pawswap GitHub repository by one of its well-known developers, PawKishi.

One part of the code includes a function labeled “_burn” that has been created to eliminate a specified amount of tokens from a particular account. The code clarifies that the objective of this function is to decrease the overall number of PAW tokens that are currently in circulation.

Before initiating the token burning process, the code performs two essential checks. Firstly, it confirms that the account from which the tokens will be destroyed is not the zero address, which refers to an invalid address. Secondly, the code verifies that the account has the required number of tokens to be burnt.

Assuming the account meets the necessary criteria, the function then triggers another function named “_beforeTokenTransfer.” This function carries out any crucial checks or activities that must occur before the transfer of tokens takes place.

Related Reading: Shiba Inu: Shibarium Beta Testnet Sprints to 1M Transactions in a Week

Once the “_beforeTokenTransfer” function has been executed, and all necessary checks have been completed, the token burning process commences. The function subtracts the specified token amount from the account’s balance, indicating that those tokens have been permanently destroyed.

According to Dezaxe, the codebase has been submitted to Certik for auditing, and the team is currently waiting for the results. Certik is a blockchain security platform that uses formal verification techniques to detect any security weaknesses in smart contracts and blockchain codes. Certik audits are vital to ensure the dependability and security of blockchain networks, and they help to identify and fix any potential vulnerabilities.

Last month, Pawswap introduced a new platform, the “burn portal, ” designed to monitor all the PAW token burns. The project aims to enhance the burning of Shiba Inu by contributing to Shibarium’s transaction fees. Shibarium has committed to using 70% of its base transaction fees to repurchase and burn SHIB tokens. 

According to its roadmap, Pawswap is planning to launch officially to the public in either Q4 2023 or Q1 2024. Prior to the launch, a beta testing phase will take place, running from Q2 2023 to Q4 2023, which will involve testing the platform’s functionality and reliability with a selected group of users.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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