Shiba Inu developers launched their own token burn portal
This decision was made to reduce the circulating supply of tokens
27.02.2022 - 08:00
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What’s new? A Shiba Inu developer under the pseudonym Archangel gave an interview to Watcher News in which he spoke about the launch of the $SHIB native token burn portal. The website is designed to help the community in a process that reduces the circulating supply of tokens. The developer noted that “the SHIBArmy should also be realistic about the cryptocurrency’s burning mechanism” and not expect 90% of funds to be destroyed.
What else did the developer reveal? Archangel noted that when the new version of the decentralized ShibaSwap exchange is launched, it will also have a “burn portal.” He stated:
“We want to make the burn rate grow with the utilization rate of the platform. So if you think about it, this is kind of the new utility. It’s about getting the supply slowly reduced as you use the platform.”
What is known about the destruction of SHIB tokens? According to the Shibburn token burning tracking platform, 410,30 trillion coins have been burned since the cryptocurrency’s launch, around 41% of the total stock.
Shiba Inu originally had a total stockpile of one quadrillion tokens, but 50% of these were blocked in a smart contract to provide liquidity on the Uniswap decentralized exchange. The other half was sent to Ethereum founder Vitalik Buterin. He donated one-half of the tokens to the COVID Relief Fund in India and burned the other half.
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