The Shiba Inu team has come up with an important announcement that’s integral to the ongoing and long-term development of the project.
In a tweet from August 16th, the team said that the long-awaited community Burn Portal is now live.
Introducing Shib Torch!
The long-awaited community Burn Portal is now live. Every Shibarium L2 transaction now helps burn SHIB, reducing the total supply.
Introducing #ShibTorch!
The long awaited community Burn Portal is now live. Every #Shibarium L2 transaction now helps burn $SHIB, reducing the total supply.
Start burning today https://t.co/NL6HAkE90j
— Shibarium Network (@ShibariumNet) August 16, 2024
It’s worth noting that this is not an update in terms of core functionalities of the network because Shiba Inu has been burning tokens for a while now. Each SHIB transaction generates a base fee that’s being locked in the burning contract. Once there are enough BONE tokens, users will be able to initiate a burn. For now, they need at least 100 BONE tokens.
According to the dashboard that tracks the burn rate on a daily basis, it has increased by 44% since yesterday, resulting in slightly over 3 million SHIB tokens being taken out of circulation.
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