- Shibarium, a project linked to Shiba Inu, has revealed a preview of the user interface for its SHIB token burn mechanism, exciting the Shiba Inu community.
- The Shiba Inu burn rate has shown considerable fluctuations recently, with 3 billion SHIB tokens burned in the last week, marking a 36.38% decrease in the weekly burn rate.
Shibarium Unveils SHIB Token Burn Mechanism, Enthralling Shiba Inu Enthusiasts
SHIB BPP, a notable influencer in the Shiba Inu community, has disseminated the uplifting news of a preview being available for the user interface of the SHIB burn mechanism on Shibarium. A snapshot of this interface was disclosed by Twitter user “SHIB INFORMER.”
— SHIB INFORMER (@ShibInformer) May 21, 2023
Despite being in its beta phase, Shibarium continues to experience constant development. As reported earlier, efforts are in progress on the Shiba Inu ETH bridge, designed to facilitate the flow of assets between the two blockchains.
Breaking: previews of the $SHIB burn mechanism for Shibarium have been released 🔥🔥
— $SHIB BPP (@ShibBPP) May 21, 2023
How Does the Burn Mechanism Work on Shibarium?
According to Shibarium documentation, upon the completion of a transaction on the network, the basic fee gets secured on a contract within Shibarium, and the validator receives the priority fee. From this basic fee, 30% is earmarked for network maintenance, while the remaining 70% undergoes burning.
The burn process can commence on Shibarium once a specified amount of BONE, another token associated with Shiba Inu, has accumulated in the burn contract. When initiated, the collected BONE is transferred to Ethereum’s L1 layer, where they are automatically converted into SHIB and burned by invoking a contract function. This burn mechanism reduces the available supply of tokens, akin to a withdrawal transaction where tokens are removed rather than received.
The topic of token burning remains a prominent point of discussion within the Shiba Inu community, with members aspiring for the burn to reach into the trillions.
Recent Trends in SHIB Token Burn
The burn rate for Shiba Inu tokens has recently seen significant variations, sometimes soaring into the millions of percent, and at other times, falling to the bare minimum. According to an hourly update on Twitter, only 575,043 SHIB tokens were burned in a single transaction over the past day, resulting in a daily burn rate of 0%.
However, the burn rate over the past week tells a different story, with a total of 3 billion SHIB tokens (3,055,174,242) being destroyed. This marks a 36.38% reduction in the weekly burn rate, indicating the oscillating nature of token burning in the Shiba Inu ecosystem.