The Shiba Inu coin ecosystem has launched ShibTorch, a community-driven burn portal now live on the Shibarium Layer-2 network. This allows Shiba inu token holders to actively participate in reducing the coin’s circulating supply.

Source: X

New Platform Allows Direct Participation in Shiba Inu Coin Burning

ShibTorch introduces a transparent and interactive dashboard that enables users to track and initiate the burning of Shiba Inu coins. In the world of cryptocurrency, “burning” refers to the permanent removal of tokens from circulation. This process removes coins from circulation that lead to increased scarcity and, theoretically, a rise in value.

The burning process on ShibTorch is fueled by transaction fees on the Shibarium network. Each transaction contributes to the burn initiative through base fees. These fees are locked into a dedicated burn contract on Shibarium, while priority fees are used to reward network validators.

As BONE tokens – the governance token of ShibaSwap and the gas fee token of Shibarium – accumulate in the burn contract, users can initiate the burn process. This two-stage procedure begins on Shibarium and concludes on the Ethereum mainnet. On the mainnet, community can swap BONE tokens for SHIB and then permanently removed it from circulation.

Dawa, ShibTorch Lead Designer, emphasized the community-centric nature of the project. “ShibTorch stands as our ongoing commitment to our loyal community, empowering every member to actively participate in the burning process,” Dawa said. “Together, we reduce the SHIB supply, strengthen our ecosystem, and continue building the future of Shiba Inu.”

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ShibTorch Puts SHIB Token Burning in the Hands of Users

The introduction of ShibTorch is a significant step towards decentralization within the Shiba Inu ecosystem. By implementing features from Ethereum Improvement Proposal 1559 (EIP-1559) and incorporating ShibTorch, Shibarium’s burn hardfork gives partial control over the SHIB supply to the community.

For SHIB enthusiasts looking to participate in the burning process, ShibTorch offers a user-friendly interface. Users can connect their wallet to the ShibTorch website, initiate a burn, and track the process through the dashboard. The final step involves converting BONE to SHIB using 70% of the accumulated base fees, with the remaining 30% directed to the treasury.

The launch of ShibTorch has already made an impact on the Shiba Inu ecosystem. Since its introduction, the Shiba Inu coin burn rate has increased by 44%, resulting in the removal of over 3 million SHIB tokens from circulation.

Source: Shibburn

The post Shiba Inu (SHIB) Coin Ecosystem Launches ShibTorch Burn Portal on Shibarium Layer-2 Network appeared first on CoinChapter.

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Filed under: Bitcoin - @ August 18, 2024 6:55 pm