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The team develops Shiba Inu Burn Portal specifically for Shibarium, shares how Shibarium will burn Shib

– Advertisement –The team develops Shiba Inu Burn Portal specifically for Shibarium, shares how Shibarium will burn Shib

Shiba Inu has partial details on how it plans to burn SHIB at the Shibarium.

With the Shibarium Beta launch around the cornerthe team behind the project has revealed how it plans to burn SHIB tokens in the layer-2 network.

In a recently published blog postscalled Introduction to Shibarium: Shiba Inu̵[ads1]7;s Layer 2 Network, the team confirmed that all Shibarium-based transactions would have an implicit burn amount for the doggy-themed token.

The move is part of the team’s efforts to keep the earlier promise to contribute to the ongoing SHIB token burning campaign.

“To keep the promise and often requested by the Shiba community, we confirm that all transactions on the network will have an implicit burn amount for the $SHIB token,” it said.

Shiba Inu is developing a renewed fire portal for Shibarium

According to the announcement, the team also aims to develop a revamped burning portal to implement the burnings for every transaction on Shibarium. In particular, an unspecified number of SHIB tokens will be deducted from the base gas fee for each transaction in the upcoming network. The announcement noted that the tokens would be burned through the revamped Shiba Inu burn portal.

The team added that when it implements the feature, Shiba Inu’s total supply will reflect the number of tokens burned in the crypto’s total supply. It is hoped that the initiative will significantly affect the circulating supply of Shiba Inu in the future.

Meanwhile, in an upcoming post, Shiba Inu plans to share more information about the revamped burn portal and how the platform will work alongside Shibarium. Shiba Inu said the revamped burn portal, which is still under development, is special to the Shibarium.

Moving to Burn SHIB Via Shibarium

The announcement comes less than two weeks after Shibarium’s development team noted it the upcoming layer-2 network will support SHIB burns. According to the announcement, every transaction on Shibarium will help burn SHIB. Although BONE is the required gas token for every Shibarium-based transaction, the deducted gas fee will be burned in SHIB after the necessary conversion.

The move will contribute immensely to the vision of reducing SHIB’s initial supply of 1 quadrillion. Burning SHIB’s supply is seen as a major effort to increase the value of the cryptocurrency in an effort to attract more investors to the ecosystem.

It is worth noting that the Shiba Inu community has burned over 410.38T tokens from the supply, according to data from the Shibbur tracking platform.

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