- Shiba developers reveal that Shibarium will have a dedicated SHIB burning portal.
- The layer 3 scaling solution is not yet ready for launch, however.
Shiba Inu developers have announced that the memecoin ecosystem’s layer 2 scaling protocol Shibarium will have a dedicated SHIB burn portal. The team revealed this in a blog post intended to bring clarity to the community as the launch of Shibarium nears.
Per the team, the burn portal will make all transactions on the network have an “implicit burn amount.” Every time a transaction is made, a base amount of gas fee will be utilized to burn SHIB through the renewed portal.
The team notes that the move to create the portal is in keeping with its promise to implement popular requests from the Shiba community. The portal will also help reduce the circulating supply of SHIB over time, the team added.
“By implementing this feature, burning $SHIB tokens per transaction will be reflected in the total token supply as we hope it will have a significant impact on the circulating amount of the $SHIB supply over time,” the post said.
Meanwhile, the post also revealed other details of the much-anticipated layer 2 protocol. For one, it stated that there is currently no date for the mainnet launch of Shibarium. The team urged community members to continue waiting patiently as focus is largely on building the protocol right.
The team added that it cannot assure the community of the exact number of transactions per second (TPS) the protocol will have. Nonetheless, it is confident that the TPS range will compete with other established networks with similar specifications.
Community members can however anticipate the release of Shibarium Beta “soon.” Meanwhile, the post also shared details of how validators and delegators will operate and be rewarded for participating in Shibarium.
Will SHIB burn Initiatives drive price to $0.02?
The Shibarium SHIB burn portal is only the latest Shiba ecosystem initiative targeted at slashing the memecoins circulating supply. The community has pioneered several ways to remove tokens from the massive circulating supply of SHIB.
Per data from SHIB Burn, a portal that tracks the amount of tokens burnt in real-time, over 410 trillion SHIB have so far gotten burnt from the initial 1 quadrillion SHIB tokens that were minted at launch. In the last 24 hours, community members incinerated 37.3 million SHIB tokens.
Meanwhile, the price of SHIB has reacted positively to the Shibarium announcement. SHIB is currently trading at around $0.000010, up 1.15% in the last 24 hours. This is a 9.46% gain from its price a week ago.
Although, the announcement is not the only bullish development in the Shiba ecosystem. SHIB community members in Japan are anticipating the listing of the memecoin on Okcoin Japan expected in February 2023 as promised by the exchange last month.
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