The interface of the burn portal suggests that Shibarium will swap accumulated BONE to Shiba Inu (SHIB) tokens and then send them to the burn address.
The Shiba Inu (SHIB) community has released leaks of the SHIB burn portal on Shibarium, the ecosystem’s layer-2 network. The portal’s interface suggests that Shibarium will swap accumulated BONE to Shiba Inu tokens, which will then be sent to the burn address.
SHIB Informer, a notable yet anonymous member of the Shiba Inu community, first revealed the leaks.
A preview of the user interface of the #Shib #burn mechanism in #Shibarium#Crypto pic.twitter.com/2ICTB5STHX
— SHIB INFORMER (@ShibInformer) May 21, 2023
Information from the interface indicates that the system will charge transaction fees in BONE, aligning with the original concept. The BONE tokens obtained from these fees will be accumulated until they reach a certain threshold. Once this threshold is crossed, any user can initiate the burn transaction.
When the burn transaction is initiated, the accumulated BONE tokens will be swapped for SHIB tokens and then burned. It is important to clarify that the current mechanism does not involve the incineration BONE tokens. Instead, BONE tokens will be converted to SHIB, and the resulting SHIB tokens will be sent to the burn address.
A noteworthy feature is that the burn transaction will be initiated manually rather than automatically. Data from the Shibarium documentation confirms that the burn process will be carried out by users, allowing “any user” to initiate the burn transaction once the accumulated threshold is reached.
Lucie, another prominent member of the Shiba Inu community, also drew attention to the leaked interface. Lucie emphasized that the burn portal is currently in its alpha testing stage. This indicates that the interface and structure of the portal are subject to change before the public beta phase.
As previously reported by The Crypto Basic, Shibarium will burn SHIB with 70% of its base transaction fees, while the remaining 30% will be allocated to network maintenance. This mechanism is expected to significantly support the burning campaign, depending on the adoption rate Shibarium receives.
The community continues to champion the burn initiative, having incinerated 3 billion SHIB in the past week. However, these efforts have not significantly impacted SHIB’s extensive supply. Shibarium is one of the transformative projects the community plans to leverage to address this issue.
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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