HomeCrypto NewsShiba Inu's Layer 2 Solution, Shibarium, Will Burn SHIB!

Shiba Inu’s Layer 2 Solution, Shibarium, Will Burn SHIB!

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The latest update has left the community excited as it offers the potential to boost SHIB burns.

Shiba Inu’s Shibarium will burn SHIB tokens, according to the latest update from the official Shibarium Network Twitter handle today.

According to the latest post, each transaction on the protocol will burn SHIB.

Unsurprisingly, the community has received this news with excitement. This is because reducing the initial 1 quadrillion SHIB supply has become a focal uniting vision within the community. It could make SHIB tokens more valuable for holders in the future in the face of increased demand. So far, holders have succeeded in burning over 41% of the initial supply.

It is worth noting that in recent weeks some community members have expressed dissatisfaction with the rate of burns. One user recently noted that if burns are not in billions and trillions, they will have little effect over many years. Notably, the prospect of each transaction on the Shibarium protocol burning SHIB, especially in the case of mass adoption, could exponentially increase the rate of burns.

Recall that SHIB burns started the year at a high, with about 200 million SHIB burnt to start the year after burning over 83 billion tokens in 2022. However, at the moment, the burns appear to have slowed down. At press time, the burn rate is down 65.82%, with only about 5 million SHIB permanently taken out of circulation in the last 24 hours, per data from Shibburn.com.

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It bears mentioning that there is yet to be a precise launch date for Shibbarium. However, in recent weeks, developers have teased a near-launch date for the beta version. At the end of last month, Shiba Inu lead developer Shytoshi Kusama noted that they were in the final stages.

As recently reported, developers have debunked false rumors surrounding the project. They have clarified that only BONE will be used for gas on the protocol. In addition, they asserted that the project is for the Shiba Inu ecosystem alone and not reliant on external ownership.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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