Lucie, a prominent figure in the Shiba Inu community, has outlined a bold vision for significantly reducing SHIB’s supply. Her strategy hinges on the concept of “burning” tokens, which involves users buying and sending SHIB to a dead wallet, effectively removing these tokens from circulation. Recognizing the inherent costs of this process, Lucie has proposed a more scalable solution to amplify the burn effect.
The Vision – Massive Community Involvement
Lucie’s approach emphasizes the need for massive community participation. According to her, reducing SHIB’s supply on a large scale requires the involvement of millions, if not billions, of people. The core of her proposal is to create an engaging system that drives daily use of Shibarium, the Shiba Inu ecosystem’s Layer 2 network. As the adoption of Shibarium increases, more SHIB tokens will be burned through its integrated mechanisms, potentially enhancing the value of the remaining tokens.
“It’s all about growing the community and letting the system do its magic!” Lucie stated, highlighting the community-driven nature of this plan.
Shibarium – The Catalyst for SHIB Burns
Shiba Inu’s development team is already taking significant steps to foster Shibarium’s adoption. They are migrating various Shiba Inu projects—including the NFT Marketplace and SHIB: The Metaverse—onto Shibarium. Additionally, ShibaSwap and the Web3 game Shiba Eternity have already made the transition, and other projects like K9 Finance’s Liquid Staking Derivative (LSD) platform are set to follow.
The primary advantage of moving these projects to Shibarium is the increase in transaction volume, which could lead to substantial SHIB burns. Shibarium is engineered to burn SHIB tokens by allocating 70% of the base fees from transactions. Since March, Shiba Inu’s team has manually burned over 56 billion SHIB using this approach.
To streamline the burning process, the team introduced ShibTorch, an automated burn portal that went live last month. Since its launch, ShibTorch has burned 3.26 million SHIB. This automation marks a significant step toward a more efficient burning mechanism.
Also Read: SHIB Burn Rate Soars 38.79% – Shiba Inu’s Price Poised For $0.0003 Surge?
Current Supply Status
Shiba Inu debuted in 2020 with a staggering supply of 1 quadrillion tokens. To date, approximately 410.72 trillion SHIB have been burned, leaving a supply of around 589.27 trillion tokens. Of this, 583.69 trillion SHIB are in circulation, while 5.8 trillion are staked, as per data from Shibburn.
Lucie’s strategy reflects a comprehensive effort to not only reduce SHIB’s supply but also to enhance its value through increased utility and community engagement. The success of this plan depends on the collective participation of the Shiba Inu community and the widespread adoption of Shibarium and its associated projects.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
