Shiba Inu Team Begins Distribution of RYOSHI Rewards to SHIB Burn Portal Contributors.
The much-anticipated rewards for users who have participated in the official Shiba Inu burning program for SHIB are finally being distributed to participants’ wallets.
Users who participated in the program have started earning Ryoshi Vision (RYOSHI) as promised by the Shiba Inu team when the official burn portal went live a month ago.
? Rewards Announcement ?
The first distribution of ShibaBurn Rewards are out now.
For those who burned $SHIB trough the burn portal and are holding $burntSHIB your rewards are available now.
Check your balance https://t.co/trkX7sBEWu#RyoshisVision #ShibaSwap #Together pic.twitter.com/ocldV4dBKZ
— Ryoshis Vision (@Ryoshis_Vision) May 17, 2022
How RYOSHI Rewards Are Allocated
The distribution of RYOSHI rewards is based on the amount of SHIB users have burnt throughout the exercise, as the more SHIB burnt will translate to higher RYOSHI rewards, and vice versa.
For instance, following reports that an address successfully sent 1.3 billion SHIBs to the Shiba Inu burn pool, the user’s address received 119 billion RYOSHI as a reward for his contribution toward reducing the circulating supply of SHIB.
Based on the rewards distributed to the largest SHIB burn address, it is evident that the Shiba Inu team paid around 91.5 RYOSHI for every unit of SHIB sent to the portal.
At press time, the 119 billion Ryoshi Vision paid out to the address is worth $6,033 as a unit of RYOSHI is changing hands around $0.0000000507 on the popular cryptocurrency aggregator platform CoinMarketCap.
Although the 119 billion RYOSHI could have been worth more than $6,000, the token also plunged like the rest of other cryptocurrencies after TerraForm Labs’ native stablecoin UST, suffered a devastating dip that saw it lose its peg to the United States Dollar.
Growing Number of RYOSHI Holders
RYOSHI has dipped over 50% since last week. Prior to the distribution of RYOSHI rewards to SHIB burners, there were only 25,000 holders of the digital currency.
However, the number has increased significantly to 26,000 as rewards start entering the wallet of users who participated in burning SHIB.
Measures to Curb RYOSHI from Plummeting
The Shiba Inu team understands that most RYOSHI recipients may be tempted to dump their rewards in the market, thus causing its price to crash. Based on this, it has set up specific measures to stop such incidents from happening.
Recipients of RYOSHI will be required to “WOOF” their rewards on the project’s decentralized exchange ShibaSwap. The WOOFING of RYOSHI will see the DEX lock a significant amount of the reward for a period of time.
In addition, the Shiba Inu team explained in a Medium blog post that SHIB burners will be rewarded every two weeks for a period of 20 weeks before they will stop receiving rewards to their address.
More SHIBs Burnt
Meanwhile, many SHIB holders participated in the Shiba Inu program mainly because of the rewards the team promised they would receive in exchange for burning their SHIBs.
So far, over 41.3 billion SHIB worth around $508.9 million has been burnt from the cryptocurrency’s circulating supply.
Interestingly, SHIB holders are not considering slowing down anytime soon as more of the cryptocurrency keeps being sent to the burn pool.
With Shiba Inu announcing it has started distributing rewards to SHIB burners, over 12 billion SHIBs have been burnt.
10 billion of these tokens were burnt in a single transaction, while the other two billion SHIBs were burnt in 92 different transactions.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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