The Shiba Inu team has introduced a new burn portal for Shibarium tokens to address the issue of reducing their supply.
Introduction
Burning tokens to reduce their overall supply is a common practice in the industry. The implementation of the Ethereum Improvement Proposal (EIP) 1559 as part of the London hard fork in 2021 included burning a portion of transaction fees using a flexible block size to determine network demand. This mechanism helped accelerate Ethereum's deflationary process.
Shibarium Burn Portal
The burn portal introduced by the Shiba Inu team allows burning certain tokens, reducing their overall supply. Each transaction in Shibarium includes a base fee that is locked into a burn contract. When enough BONE tokens accumulate, users can initiate the burn process using the new ShibTorch tool.
Conclusions
The introduction of the burn portal can be a positive catalyst for SHIB, as it can significantly reduce their supply. Currently, the SHIB token has shown a growth of 0.8% in the last 24 hours, according to CoinGecko data.
The launch of the Shibarium burn portal could significantly impact the SHIB market, contributing to its long-term growth by reducing supply.
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