Having a significant impact in the Shiba Inu community, SHIB BPP shibarium It spread the encouraging news that a preview is available for the UI of the SHIB burning mechanism in . A snapshot of this interface by Twitter user “SHIB INFORMER” announced.
A preview of the user interface of the #Shib #burn mechanism in #shibarium#Crypto pic.twitter.com/2ICTB5STHX
NEWS CONTINUES BELOW— SHIB INFORMER (@ShibInformer) May 21, 2023
Although it is in beta stage shibarium continues to develop continuously. As previously reported, work is ongoing on the Shiba Inu ETH bridge, which is designed to facilitate the flow of assets between the two blockchains.
Breaking: previews of the $SHIB burn mechanism for Shibarium have been released 🔥🔥
NEWS CONTINUES BELOW— $SHIB BPP (@ShibBPP) May 21, 2023
How Does the Burn Mechanism Work in Shibarium?
According to the Shibarium documentation, when a transaction is completed on the network, the base fee is secured in a contract within Shibarium and the verifier receives the priority fee. 30% of this base fee is reserved for network maintenance, while the remaining 70% is burnt.
The burning process can begin in the Shibarium when a certain amount of BONE, another Shiba Inu-related token, is accumulated in the burning contract. When launched, the collected BONE is transferred to Ethereum’s L1 layer. Here it is automatically converted to SHIB and burned by calling a contract function. This burn mechanism reduces the available token supply, similar to a withdrawal where tokens are issued rather than bought.
The issue of token burning remains a hot topic of discussion within the Shiba Inu community. Members want the incineration to reach trillions.
Latest Trends in SHIB Token Burn
The burning rate of Shiba Inu tokens has changed significantly in recent times. Sometimes the percentage has risen to millions, while other times it has decreased to a minimum. According to an hourly update on Twitter, only 575,043 SHIB tokens were burned in a single transaction in the past day. This resulted in a daily burn rate of 0%.
However, last week’s burn rate shows a different situation, with a total of 3 billion SHIB tokens (3,055,174,242) destroyed. This marks a 36.38% decrease in the weekly burn rate, which demonstrates the volatile nature of token burning in the Shiba Inu ecosystem.