Shiba Inu team resolves the Shibarum bug. To properly burn Shiba Inu (SHIB), marketing expert Lucie advised proponents to first bridge the tokens from Shibarium to Ethereum before sending them to the dead wallet.
As reported by The Crypto Basic yesterday, Shiba Inu’s marketing specialist, Lucie, alerted the community to a bug in the ShibariumScan block explorer, which displayed ETH instead of Bone (BONE) during transactions. The issue was attributed to a recent recent Blockscout upgrade.
Today, Lucie updated that the issue has been solved.
They have resolved the bug. It should be sorted out now.#Shibarium https://t.co/88RMHAYHb1
— ????? | ✨Shibarium✨ (@LucieSHIB) October 27, 2023
SHIB Burns
Lucie clarified that the multi-stage bridging mechanism associated with SHIB might fuel an improper burn model. The SHIB team member posited that sending SHIB from Ethereum to the dead wallet is the best way to guarantee the token’s removal from circulation.
Dear friends of $SHIB burn on #Shibarium,
I wanted to provide some clarification on why it's important to first bridge your $SHIB to Ethereum before sending it to the dead wallet.
When you initially bridge your $SHIB to #Shibarium, the original Shib tokens are locked in the… pic.twitter.com/5MyT4s2R4W
— ????? | ✨Shibarium✨ (@LucieSHIB) October 26, 2023
How to Burn SHIB Properly
According to Lucie, burning SHIB is a collective affair by community members. Since Shibarium is an Ethereum L2 network, using SHIB on Shibarium mandates proponents to bridge the token from the former to the latter.Â
When users complete this bridging, Lucie noted that the original SHIB is locked in the bridge contract, with an equivalent version of the bridged tokens minted on Shibarium.
Per the observation, when users decide to burn their SHIB on Shibarium, they are burning off the minted version while the bridged tokens remain in the bridge contract. To ensure proper burning of the tokens, Lucie advised bridging the assets back to Ethereum. From here, the user can send the SHIB to the dead wallet.
Knowing that it’s impossible to access the locked SHIB on Ethereum, one member of the community asked to know if this does not count as burning as well.Â
In response, Lucie Shibarium noted that locking the token on the bridge contract and not in the dead wallet typically sparks arguments from some quarters. She highlighted that she published the post to clarify things for everyone concerned.
Recall that Shibburn, the community-driven Shiba Inu burn tracker, highlighted this in a previous statement. Shibburn told SHIB CoOp, the project that made the first Shiba Inu burn on Shibarium, that their 97 million token burn was not relevant because it did not follow the right protocol.
Importance of Burning SHIB
The Shiba Inu burn feature makes it a deflationary asset. This, in turn, implies that SHIB might see a bigger valuation in the near term, assuming that the current demand for the token will match the introduced scarcity.
Millions of SHIB burn off every week, and the advent of Shibarium has created more channels to incinerate them. Among the plans outlined for the layer-2 protocol in the long term is the launch of a burn portal, which may offer an alternative solution to the prevalent burn dilemma.
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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