- Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, confirms a “Burn Portal” is under development.
- Marketing Strategist Lucie emphasizes the importance of community adoption for effective SHIB burning.
In a groundbreaking update, 𝐋𝐔𝐂𝐈𝐄, @LucieSHIB, the Marketing Strategist for the Shiba Inu ecosystem, revealed that lead developer Shytoshi Kusama has confirmed the development of a new ‘Burn Portal’ for Shibarium, Shiba Inu’s Ethereum-based layer-2 protocol. This news comes as part of the team’s commitment to continually update and expand the Shibarium protocol’s functionalities.
So to confirm that ADOPTION is the right way🌝$SHIB Burns x Shytoshi answered pic.twitter.com/BizkLZ0V83
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) September 4, 2023
Focus on Adoption and Burning
While the Burn Portal is on the way, Kusama insists that the emphasis is also on driving user adoption of Shibarium. Responding to a community query on Telegram, Kusama highlighted the need for adoption as a long-term strategy for the Shiba Inu ecosystem. His stance is that both adoption and burning of SHIB tokens serve to increase the coin’s inherent value, but they do so through different avenues.
Lucie further urged the SHIB Army, the Shiba Inu community, to actively use Shibarium, emphasizing that SHIB tokens won’t burn themselves. “We need to use Shibarium. It won’t burn SHIB if you don’t use it!” she cautioned.
How Shibarium Burns SHIB Tokens
The burning mechanism on Shibarium is relatively straightforward, as laid out in its existing documentation. When a user initiates a transaction, the base fee gets temporarily allocated within a Shibarium contract. Of this base fee, 70% is used for burning SHIB tokens, and the remaining 30% goes toward network maintenance.
The Road Ahead for Shibarium
Since its relaunch, Shibarium has been outlining various plans to enhance its ecosystem. This includes onboarding more validators to bolster security and plans to revoke the contract address of its native token, Bone Shibaswap (BONE).
Lucie has high hopes for the future of Shibarium and SHIB tokens. She referenced the token’s past performance, noting that Shiba Inu’s previous all-time high was achieved with little burning and utility compared to its current state. “SHIB will be a governance token with global adoption – the next ATH could be interesting,” she speculated.
While burning billions of dollars worth of SHIB is no trivial task, Lucie and the Shiba Inu team remain optimistic about the impact of these new updates. They believe that a surge in Shibarium usage will lead to increased gas fees and, subsequently, more token burning. This, they hope, will serve to drive up the value of SHIB in the long run.
