The Shiba Inu (SHIB) community has been buzzing with excitement following the leak of the SHIB burn portal on Shibarium, the ecosystem’s upcoming layer-2 network.

On Sunday, May 21, the pseudonymous Twitter user “SHIB INFORMER” shared a preview of the user interface of the burn mechanism in Shibarium, giving the Shib army a glimpse into what’s to come.

According to the leaked information, the burn portal’s interface suggests that Shibarium will facilitate swapping accumulated BONE tokens for Shiba Inu (SHIB) tokens, which will then be sent to the burn address. This aligns with the original concept of charging transaction fees in BONE tokens. Notably, these fees will be accumulated until a certain threshold is reached, at which point any user will be able to initiate the burn transaction.

“The transaction fees destined to burn will be accumulated up to a certain amount and then the Burn will be triggered. My current understanding is that anyone will be able to trigger it after the threshold is reached,” tweeted SHIB INFORMER, sharing the image below.

It’s important to note that the burn process will be manual rather than automatic. Users will play an essential role in triggering the burn transaction once the accumulated threshold is met. The leaked interface is currently in the alpha testing stage, indicating changes may occur before the public beta phase.

The burning mechanism aims to support the burning campaign of SHIB tokens. According to documentation by the Shiba Inu team, Shibarium plans to burn 70% of its base transaction fees in SHIB, with the remaining 30% allocated to network maintenance. This approach is expected to significantly impact the token’s supply, which is theoretically expected to boost SHIB’s value to the much-coveted $0.001 price point.

Meanwhile, LucieSHIB, a content marketing specialist within the Shiba ecosystem, acknowledged the authenticity of the leaked images and clarified that they represent the alpha version of the mechanism, with the possibility of changes being implemented upon its official launch. 

“Note that it is only the alpha version (not beta yet), So the final version may be different, but it’s good for a look. BONE will convert to SHIB and burn SHIB,” tweeted Lucie, adding, “Each transaction will add to the burn pool. Then anyone will be able to trigger the burn.”

Notably, as the Shibarium team continues to make significant developments ahead of its official release, whales have begun accumulating SHIB tokens in the hope that Shibarium’s developments have the potential to make a significant impact on the token’s price. According to data from IntoTheBlock, whales have amassed over 26 trillion SHIB tokens in the past week.

That said, the notable progress made on Shibarium has been a boon for the SHIB token, which was trading at $0.000008459 at press time, down 0.49% over the past last 24 hours, according to CoinMarketCap data.

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Filed under: Bitcoin - @ May 25, 2023 6:25 pm