The Shiba Inu team has come up with an important announcement that’s integral to the ongoing and long-term development of the project.
In a tweet from August 16th, the team said that the long-awaited community Burn Portal is now live.
Introducing Shib Torch!
The long-awaited community Burn Portal is now live. Every Shibarium L2 transaction now helps burn SHIB, reducing the total supply.
It’s worth noting that this is not an update in terms of core functionalities of the network because Shiba Inu has been burning tokens for a while now. Each SHIB transaction generates a base fee that’s being locked in the burning contract. Once there are enough BONE tokens, users will be able to initiate a burn. For now, they need at least 100 BONE tokens.
According to the dashboard that tracks the burn rate on a daily basis, it has increased by 44% since yesterday, resulting in slightly over 3 million SHIB tokens being taken out of circulation.
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