Shiba Inu has shared details on how he plans to burn SHIB on Shibarium.
With the launch of Shibarium Beta just around the cornerthe team behind the project has revealed how they plan to burn SHIB tokens within the Layer 2 network.
In a recently published article blog postDubbed Introduction to Shibarium: Shiba Inu’s Layer 2 Network, the team confirmed that all Shibarium-based transactions would have an implicit burn amount for the dog-themed token.
The move is part of the team’s efforts to fulfill its previous promise to contribute to the ongoing SHIB token burning campaign.
“Keeping promise and often requested by the Shiba community, we are confirming that all transactions on the network will have an implicit burn amount for the $SHIB token,” It said.
Shiba Inu is developing a new engraving portal for Shibarium
According to the announcement, the team also aims to develop a renewed burn portal to implement burns for every transaction on Shibarium. Notably, an undetermined amount 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 cremated through the new Shiba Inu Burning Portal.
The team added that once the feature is implemented, the total Shiba Inu supply will reflect the number of tokens burned in the crypto’s total supply. He hopes the initiative will have a significant impact on the circulating Shiba Inu supply in the future.
Meanwhile, in an upcoming post, Shiba Inu plans to share more information about the new burning portal and how the platform will work alongside Shibarium. Shiba Inu stated that the Renewed Burn Portal, which is still under development, is specifically for Shibarium.
Upgrade to Burn SHIB Via Shibarium
The announcement comes less than two weeks after the Shibarium development team noted that next layer 2 network would support SHIB burns. According to the announcement, every trade on Shibarium will help burn SHIB. Although BONE is the required gas token for every Shibarium-based transaction, the deducted gas fee will be burned in SHIB after necessary conversion.
This decision will go a long way towards the vision of reducing the initial supply of SHIB by 1 quadrillion. Burning the supply of SHIB is seen as a major effort to increase the value of the cryptocurrency in an effort to attract more investors to the ecosystem.
It should be noted that the Shiba Inu community managed to incinerate over 410.38 T tokens from the supply, according to Data from the Shibburn tracking platform.
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