Shiba Inu burn portal developed by team specifically for Shibarium; shares how Shibarium will burn SHIB.
The Shibarium project team has disclosed how it intends to burn SHIB tokens within the layer-2 network as the beta launch of Shibarium draws near.
In a newly posted blog post titled Introduction to Shibarium: Shiba Inu’s Layer 2 Network, the company said each Shibarium-based transaction would include an implicit burn amount for the token with a canine motif.
The action is a part of the team’s attempts to uphold its earlier commitment to support the ongoing burn campaign for the SHIB token.
“Keeping the promise and often requested by the Shiba community, we confirm that all transactions on the network will have an implicit burn amount for $SHIB token,” it said.
A Renewed Burn Portal for Shibarium
According to the statement, the team plans to create a new burn gateway to implement burns for each transaction on Shibarium.
Notably, the base gas charge of each transaction within the forthcoming network will be reduced by an undisclosed number of SHIB tokens.
According to the release, the tokens would be burned through the Shiba Inu renewed burn portal.
The developers noted that after the feature is implemented, the entire supply of Shiba Inu would reflect the number of tokens burned in the cryptocurrency’s total supply.
It anticipates that the project will substantially impact the Shiba Inu supply that is in circulation.
Upcoming Information About the Renewed Burn Portal
Meanwhile, Shiba Inu wants to offer additional information about the updated burn portal and how it will work alongside Shibarium in an upcoming post.
Shiba Inu stated that the newly built burn portal is exclusively for Shibarium.
The news comes less than two weeks after the Shibarium development team revealed that the future layer-2 network would allow SHIB burning.
According to the release, each Shibarium transaction would contribute to the burning of SHIB.
Despite the fact that BONE is the required gas token for each Shibarium-based transaction, the subtracted gas cost will be burned in SHIB following the appropriate conversion.
The action will significantly contribute to lowering SHIB’s initial supply of 1 quadrillion.
Burning the supply of SHIB is viewed as a significant effort to increase the cryptocurrency’s value to draw more investors to the ecosystem.
Data from the Shibburn tracking tool shows that the Shiba Inu community has successfully burned more than 410.38T tokens from the supply.