The Shiba Inu team made an important announcement that is significant for the long-term development of the project.
Launch of Burn Portal
On August 16th, the Shiba Inu team announced via tweet the launch of the long-awaited community Burn Portal. Each Shibarium L2 transaction now contributes to burning SHIB, reducing the total supply.
Burn Portal Mechanism
It's noteworthy that this is not an update in terms of core functionalities, as Shiba Inu has been burning tokens for a while. Each SHIB transaction generates a base fee that is locked in the burn contract. Users need at least 100 BONE tokens to initiate a burn.
Increase in Burn Rate
According to the dashboard tracking the burn rate, it increased by 44% since yesterday, resulting in over 3 million SHIB tokens being taken out of circulation.
The launch of the Burn Portal is a significant step for Shiba Inu and can greatly impact the reduction of the total supply of SHIB tokens.
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