- Shibarium Introduces Impressive SHIB Token Burn Mechanism, Generating Excitement in the Shiba Inu Community.
- The burning rate of Shiba Inu tokens has recently exhibited significant fluctuations, occasionally surging to extraordinarily high percentages and other times dropping to minimal levels.
SHIB BPP, a prominent figure within the Shiba Inu community, has shared positive news regarding the availability of a preview for the user interface of the SHIB burn mechanism on Shibarium. A glimpse of this interface was revealed by a Twitter user known as “SHIB INFORMER.”
Despite still being in the beta stage, Shibarium remains in a state of continuous development. As mentioned previously, ongoing efforts are focused on the creation of the Shiba Inu ETH bridge, aiming to streamline the transfer of assets between the two blockchain networks.
How the Burn Mechanism Works on Shibarium
As per Shibarium’s documentation, when a transaction is completed on the network, the basic fee is securely held in a contract within Shibarium, while the validator receives the priority fee. Out of the basic fee, 30% is allocated for network maintenance, and the remaining 70% goes through a burning process.
The burning process on Shibarium begins when a specified amount of BONE, another token associated with Shiba Inu, accumulates in the burn contract. Once triggered, the collected BONE tokens are transferred to Ethereum’s L1 layer, where they are automatically converted into SHIB and burned using a contract function. This burn mechanism reduces the overall token supply, similar to a withdrawal transaction where tokens are deducted instead of being received.
The concept of token burning is a significant topic of discussion within the Shiba Inu community, with members expressing hopes for the burn to extend into the trillions.
The burning rate of Shiba Inu tokens has recently exhibited significant fluctuations, occasionally surging to extraordinarily high percentages and other times dropping to minimal levels. According to an hourly update on Twitter, a mere 575,043 SHIB tokens were burned in a single transaction within the past day, resulting in a daily burn rate of 0%.
Related to Shiba Inu
However, the burn rate observed over the past week presents a different picture, as a total of 3 billion SHIB tokens (3,055,174,242) were destroyed. This signifies a 36.38% decrease in the weekly burn rate, highlighting the alternating pattern of token burning in the Shiba Inu ecosystem.
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