Shiba Inu team announced news that will delight the community. In this context, it was officially announced that the long-awaited automatic SHIB token burning mechanism started with the testnet distribution this month. The development team announced this important development in the 11th issue of Shiba Inu Magazine.
According to the statement, the autoburn initiative is a transformative feature that aims to play an important role in strengthening the economic model of the network. This initiative will strategically reduce the SHIB token supply and potentially increase the value of the Shiba Inu.
Shiba Inu Auto First Available on Testnet
Notably, the journey towards automation will begin this month. The SHIB team stated that they will first deploy the automatic SHIB token burning system to Puppynet for rigorous testing.
This first stage is very important to improve the mechanism, ensure efficiency and increase reliability before moving to the Mainnet. Throughout the testing period on Puppynet, users can expect to witness multiple upgrades as the Shiba Inu team fine-tunes the auto-breathing process.
These upgrades are designed to optimize performance and transparency, setting the stage for a seamless transition to Mainnet.
While live, the automatic burning process will operate according to predefined rules. According to the Shiba Inu team, this action brings a new level of efficiency and transparency to the token burning mechanism.
The SHIB development team ran five manual SHIB burn programs until transitioning to an automated process. Each burning transaction represented fees accumulated from transactions in the Shibarium.
Koinfinans.com As we reported, the first burn took place on December 4, when the team transferred 8.24 billion SHIB tokens to a dormant wallet. Following this, three additional burns took place during the same month, eliminating a similar amount of billions of tokens.
In the most recent SHIB burn by the team this year, 9,351 tokens were removed from circulation.
The SHIB team has effectively removed more than 43 billion Shiba Inu tokens from circulation. According to the statement, five manual burns equaled approximately 200 Ethereum tokens, valued at $476,000 at the time.
Source : The Crypto Basic