Shiba Inu has share details about how it plans to burn SHIB on Shibarium.
With the Shibarium Beta launch around the corner, the team behind the project has revealed how it plans to burn SHIB tokens within the layer-2 network.
In a recently published blog post, dubbed 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 doggy-themed token.
The move is part of the team’s efforts to keep to its previous promise of contributing to the ongoing SHIB token’s burn campaign.
“Keeping the promise and often requested by the Shiba community, we confirm that all transactions on the network will have an implicit burn amount for $SHIB token,” it said.
Shiba Inu Is Developing a Renewed Burn Portal for Shibarium
According to the announcement, the team also aims to develop a renewed burn portal to implement the burns for each transaction on Shibarium. Notably, an unspecified amount of SHIB tokens will be deducted from the base gas fee of each transaction within the upcoming network. The announcement noted that the tokens would be incinerated through the Shiba Inu renewed burn portal.
The team added that once it implements the feature, Shiba Inu’s total supply will reflect the number of tokens burned in the crypto’s total supply. It hopes that the initiative will significantly impact the circulating supply of Shiba Inu in the future.
Meanwhile, in an upcoming post, Shiba Inu plans to share more information about the renewed burn portal and how the platform will function alongside Shibarium. Shiba Inu said the renewed burn portal, which is still being developed, is specifically for Shibarium.
Moves to Burn SHIB Via Shibarium
The announcement comes less than two weeks after the Shibarium development team noted that the upcoming layer-2 network would support SHIB burns. Per the announcement, each transaction on Shibarium will help to burn SHIB. Although BONE is the required gas token for each Shibarium-based transaction, the deducted gas fee will be burned in SHIB after the necessary conversion.
The move will contribute immensely towards the vision to reduce SHIB’s initial supply of 1 quadrillion. Burning SHIB’s supply is seen as a major effort to boost the value of the cryptocurrency in a bid to attract more investors to the ecosystem.
It is worth noting that the Shiba Inu community has successfully incinerated over 410.38T tokens from the supply, according to data from the Shibburn tracking platform.