Shiba Inu: Shibarium Memecoin DAMN Burns BONE with Each Transaction

Sol Killer (DAMN), a newly-launched memecoin on the Shiba Inu layer-2 network Shibarium, has burned its liquidity pool (LP), with a mechanism to burn BONE, the Shibarium gas token, in each transaction.

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Token burns can assist a project, as they help to reduce an asset’s supply, bolstering its value when combined with increased demand. The team behind DAMN recognizes this and has pushed to attract investors’ attention with an elaborate burn campaign.

DAMN was introduced to Shibarium by Woofswap, a decentralized exchange built atop the layer-2 network. Shortly after it began trading publicly, the token immediately garnered significant attention, soaring 39% within 24 hours to become a top gainer on DEXTools.

DAMN Burns BONE with Each Shibarium Transaction

Amid the early success, the team behind the project has continued to take measures to attract more demand, with the recent incineration of its liquidity pool as one of these avenues. Woofswap confirmed in a recent post on X that the team has successfully burned the LP.

The LP pool has been burned.🚀🚀🚀#Shibarium #DAMN https://t.co/yOm3uVLWaV https://t.co/cM8SFRhEk2

— WOOF | ve33 DEX on Shibarium🎀 (@woofswap) March 18, 2024

Following the monumental burn transaction, Woofswap shared the address wherein the public could find the handling resulting from the burn. Interestingly, data from Shibariumscan confirms that the address contains DAMN and BONE, as the project has continued to incinerate both tokens.

Significantly, every transaction that a network participant carries out involving DAMN burns DAMN and BONE, contributing to the deflationary trend of both tokens. Per Shibariumscan data, the project has now burned 35.5 million DAMN and 3,179 BONE tokens in just a few days.

However, some community members have pointed out that the Etherscan data does not reflect the burned BONE tokens. Shiba Inu proponent and crypto YouTuber Randomartz clarified that this is because the project has been carrying out these BONE burns on the Shibarium layer-2.

Notably, when network participants bridge BONE from Ethereum (layer-1) to a Shibarium (layer-2), Shibarium mints a wrapped form of BONE equivalent to the tokens, and then Ethereum keeps the actual BONE in the bridge contract. With the BONE on Shibarium now burned, the tokens on the bridge remain stuck forever.

Woofswap’s Contributions to Shiba Inu

Speaking on the efforts from Woofswap, the team behind DAMN, content marketing specialist Lucie noted that they have contributed to the surge in Shibarium transactions, as the network’s total transaction count recently breached the 412 million mark. 

Fun fact:@woofswap is one of few behind the significant spike in transactions, which is why we've seen a nice amount of $SHIB burns on #Shibarium.

They assisted with the @gate_io integration and have now deployed $DAMN, helping to bridge many people to #Shibarium.

Nothing…

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) March 20, 2024

According to Lucie, Woofswap was also instrumental in driving Gate.io’s support for Shibarium. The Crypto Basic reported in January that prominent exchange Gate.io had integrated Shibarium, allowing network participants to withdraw BONE to Shibarium easily 

Lucie further emphasized that Woofswap had now deployed DAMN to assist with connecting network participants to Shibarium. The marketing specialist applauded the team’s efforts to burn BONE and DAMN.