The team behind the Shiba Inu ecosystem has incinerated 1 billion SHIB tokens to celebrate the launch of ShibTorch V2.
In a startling development, the Shiba Inu ecosystem team introduced ShibTorch V2, an upgraded burn portal designed to streamline the process of burning SHIB tokens. The upgraded portal is part of the evolving Shiba Inu Operating System (Shib OS).
Following the upgrade, the portal now offers a suite of enhancements designed to streamline the burning process, bolster security, and strengthen community participation within the ecosystem.
The development comes five months after the original iteration’s launch, which debuted on August 16, 2024. Despite the upgrade, the portal still retains the core functionality of the initial version, which enables users to participate in reducing the circulating supply of SHIB to potentially increase its market value.
ShibTorch V2, now accessible through Shib.io, allows any user to initiate the burn process after the designated burn contract reaches the predetermined amount of BONE obtained through the Shibarium base fee.
Key Features of the Upgrade
The newly introduced features include advanced swap routing for optimal BONE-to-SHIB conversions and slippage protection to maximize burn efficiency.
Additionally, the upgrade introduced an efficient POS bridge, replacing the original plasma bridge. For context, while the plasma bridge required three steps to bridge tokens like BONE between Ethereum and Shibarium, the new POS bridge completes the same task in two steps.
Furthermore, the SHIB burn portal saw technical enhancements as it has now transitioned to Solidity 0.8.24. The team also enhanced the portal’s security through the latest upgrade to bolster its reliability.
Team Burns 1B SHIB to Celebrate ShibTorch V2 Launch
Interestingly, the team announced the incineration of 1 billion SHIB tokens valued at $18,580 to celebrate its latest progress.
Kaal Dhairya, a popular developer of the Shiba Inu ecosystem, announced the move yesterday, noting that the burn was initiated through the deployer.
To celebrate the progress team is making the deployer has burnt pending 1B SHIB, enjoy https://t.co/3fbkLUDjQp https://t.co/YsdwuATIyz
— Kaal (@kaaldhairya) January 30, 2025
Shiba Inu’s lead developer, Shytoshi Kusama, also confirmed the incineration of the 1 billion SHIB tokens in a separate X post. According to on-chain data, the team executed the burn yesterday at 4:34 p.m. (UTC).
Burn Rate Soars 7,240%
This transaction boosted the number of tokens burned over the past 24 hours to 1,104,706,719 (1.1 billion), with the burn rate soaring 7,240% from the previous day’s record.
Meanwhile, ShibTorch has removed 361,982,586 (361.98 million) SHIB from circulation since its debut on August 16. This represents 0.0000881285% of the total tokens incinerated from Shiba Inu’s supply so far.
Despite the recent burn, SHIB is still down 7.74% over the past week, with the token currently trading at $0.00001858.
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