Shiba Inu Team Shares Fresh Update About Shibarium Burn Portal

RagnarShib, a Shiba Inu ecosystem team member and admin of the Shibarium Telegram group, has provided a fresh update about the ongoing development of Shibarium’s automated SHIB token-burning mechanism. 

In a tweet today, the team member noted that the long-awaited burn portal has commenced testing. According to RagnarShib, the Shibarium burn mechanism was deployed last month on Puppynet, the testnet version of the L2 scaling solution. 

Some clarification about the Shibarium Burn Mechanism. Many think it was going to be ready in January. Maybe there was a misunderstanding. It was explained at @TheShibmagazine .
In January the system began to be tested in our PuppyNet and it will be deployed in Mainnet once…

— RagnarShib.eth (@RagnarShiba) February 3, 2024

Team Addresses Misconception Regarding Burn Portal Deployment 

RagnarShib’s message was imperative given that some SHIB community members expected the highly-anticipated burn portal to launch on the mainnet in January. Some enthusiasts took to various social media platforms, including X, to vent their frustration. 

Following these reactions, RagnarShib noted a misunderstanding regarding the burn mechanism deployment. He pointed out that The Shib Magazine, a Shiba Inu bi-weekly journal, explicitly stated that the burn mechanism would be deployed on Puppynet for testing purposes in January. 

RagnarShib shared an excerpt from the magazine to corroborate this claim. The magazine read: 

“Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.” 

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Notably, the initial phase of the burn mechanism deployment is pivotal in refining the solution, ensuring efficiency, and boosting its reliability before it is finally deployed on the mainnet. 

Shibarium-Powered Burns 

It is no longer news that the Shibarium team burns SHIB using a portion of Shibarium fees. These Shibarium-powered burns are done manually, where the team sends some SHIB tokens to the cryptocurrency dead wallet. 

So far, the team has initiated five Shibarium-powered burns, incinerating over 43 billion SHIB tokens worth $390,440 at press time. 

Despite the successes recorded so far, some issues are associated with the current model- inefficient performance and lack of transparency. Interestingly, the automatic burn mechanism aims to address these issues. Notably, the system will function based on predefined rules. 

In the meantime, there is no specific date regarding when the automated burn mechanism will transition to the mainnet. However, it is expected to go live before the end of this year. 

The mainnet launch of the Shibarium burn mechanism will contribute immensely to SHIB’s deflationary model. Consequently, the burn portal will drastically reduce SHIB’s enormous circulating supply of 581.32 trillion, thus paving the way for a potential spike in price. 

Team Urges SHIB Holders to Utilize Shibarium to Boost Burns 

RagnarShib’s message comes hours after another Shiba Inu ecosystem team member, DaVinci, counseled the community to utilize Shibarium for transactions. DaVinci took to Telegram to address the community’s growing demands for more burns. 

According to DaVinci, utilizing Shibarium will increase the fees generated by the network, which will, in turn, impact burns positively. 

“Your active participation is crucial to sustaining the burn initiative… If you’re not currently utilizing Shibarium, requesting burns may be perceived as engaging in Scam-like behavior,” DaVinci said. 

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• Source: https://thecryptobasic.com/2024/02/03/shiba-inu-team-shares-fresh-update-about-shibarium-burn-portal/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-team-shares-fresh-update-about-shibarium-burn-portal