DogPad Finance intends to burn a large chunk of Shiba Inu and BONE tokens upon migration from Ethereum to Shibarium.
Despite the delay in the Shibarium mainnet launch, several projects have already aligned with the Shiba Inu L2 network. Among such projects is DogPad Finance, a Shiba Inu-branded launchpad infrastructure founded by Talio and launched on Ethereum.
A Monday tweet revealed that DogPad Finance, which became a part of Shibarium in April, plans to burn the two top Shiba Inu ecosystem tokens — SHIB and the Bone ShibaSwap native currency, BONE. The team also disclosed the planned strategy to achieve this as they gear towards making an impact in the 100% decentralized Shiba Inu ecosystem.
About DogPad burning $BONE & $SHIB,
– Migration
– Launchpad fees1 – Migration$DOGPAD in #Ethereum currently has ~200,000$ liquidity, as #ETH. Once we migrate, we’ll swap the ETH to $BONE (a 200K+ buy), and add the liquidity as #BONE in #Shibarium, burning 100%
2 – Launchpad… pic.twitter.com/xby4yYxMLA
— DogPad Finance on Shibarium! (@DogPadFinance) July 10, 2023
Notably, this emerging launchpad infrastructure has been designed to enable developers to launch and create new tokens on the Shibarium when it finally goes live on the main network. Accordingly, the team touts the project as the first launchpad on Shibarium.
DogPad’s Shiba Inu and BONE Burn Mechanism
First, DogPad Finance plans to burn SHIB and BONE tokens by leveraging the fees generated from the utilization of its launchpad by developers and users alike per the update.
Beyond the launchpad, it bears noting that DogPad offers many services, including staking, farming pools, and deployers. All these solutions require users or developers to pay fees.
In particular, the team mentioned on its website that users have to “pay BONE fees to lock their liquidity tokens or just to create vestings.” Therefore, DogPad noted that all fees generated would be burned.
Part of the announcement revealed: “Our launchpad ecosystem has multiple useful utilities that are completely needed for the Shibarium ecosystem (deployer, locker, launchpad, Bridge, Staking & more), and these will burn SHIB and BONE.”
The team also plans to burn SHIB and BONE tokens upon migration to Shibarium. Notably, DogPad first launched on Ethereum with a native token supply of 1 trillion. According to the Monday update, the project boasts liquidity of approximately $200,000 in ETH.
Interestingly, the team revealed that upon migration to Shibarium, when it lands on the mainnet, all its holdings would be swapped to BONE and then burned.
“Once we migrate, we’ll swap the ETH to $BONE (a 200K+ buy) and add the liquidity as BONE in Shibarium, burning 100%,” the DogPad finance team said.
On 3rd April DogPad said they had received an email from Shiba Inu, lead developer, and Shibarium confirming DogPad to be part of Shibarium.
WOOF!?
DogPad has received an email from @ShytoshiKusama & @Shibariumtech, and we're proud to be part of Shibarium!
Let's keep building, #ForShibarium! ❤️? $DOGPAD ? $SHIB $BONE #Shibarium pic.twitter.com/hz3ocVu8UI
— DogPad Finance on Shibarium! (@DogPadFinance) April 2, 2023
Wen Shibarium?
Shibarium is currently in the testing phase, with maximum user engagements recorded. However, community members continue to anticipate its launch on the main network as it promises to onboard more developments and projects to the Shiba Inu ecosystem.
According to the lead developer Shytoshi Kusama, the much-awaited layer-2 scaling solution will launch on the mainnet in August during the Blockchain Futuristic Conference in Toronto.
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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