Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to the Shibburn Twitter account, over 834 million SHIB have been burned in the past week.
"In the last 7 days, there have been a total of 834,804,461 SHIB tokens burned and 82 transactions," the SHIB burner said in a new tweet.
Meanwhile, in the past 24 hours, a total of 3,053,513 SHIB tokens have been burned in four transactions. The daily burn rate is up 127%, according to the Shibburn website.
At the time of writing, SHIB was marginally up in the last 24 hours at $0.00001058.
Here's how Shibarium would contribute to SHIB burns
As stated in the Shibarium documentation, the base fee of the Shibarium transaction fees will be split into 70% burned and 30% placed aside for network maintenance.
Xanders Shib, a Shiba Inu community member, shared a screenshot of a comment made by the SHIB lead, Shytoshi Kusama, where he said, "Burning SHIB is the key collective effort."
Users can begin the burn process from the Layer 2 Shibarium once a certain quantity of BONE ($25,000) has been accrued in the burn contract.
As soon as this procedure begins, accumulated BONE are delivered to Ethereum's L1, where they are automatically exchanged for SHIB and burned using the contract function.
This is similar to a withdrawal transaction in that tokens are burned and subtracted from the total supply rather than being received.
For this procedure, users will be able to access a specific portal on Shibarium's website. By just selecting "Initiate burn," anyone can start one of these burns.
To finish, they must confirm a few transactions to enable layer migration. SHIB tokens will be immediately removed from circulation once the procedure is finished, and this will be reflected in the total maximum supply.
According to the team, this framework may undergo modifications or revisions in the upcoming months as test environments provide more realistic scenarios.