Shytoshi Kusama, the Shiba Inu project's lead, recently addressed questions about the platform's focus on "burning" tokens—essentially destroying a portion of them to reduce supply and potentially increase value.
According to Shytoshi, burns have their place, the true key to success is greater adoption of the Shibarium chain, which operates on Kusama's network.
A "burn portal" is reportedly in the works, aimed at facilitating these operations in a user-friendly manner.
Beyond token burns
According to the docs that were released back in March, Shibarium's new portal would allow users to initiate a token "burn" process when making transactions, with 70% of the base fee being burned and 30% allocated for network maintenance. The burn process begins once $25,000 worth of BONE tokens accumulate in a dedicated contract, ultimately removing SHIB tokens from circulation and contributing to the token's deflationary mechanics.
Tomiwabold OlajideHowever, Kusama emphasizes that the focus should not solely be on token burns. In his view, the real growth potential lies in building projects on the Shibarium chain, thus increasing its adoption. This perspective resonates with the wider crypto community, as adoption is often cited as a critical factor for any cryptocurrency's long-term success.
Adoption milestones
Meanwhile, Shibarium platform recently surpassed significant milestones—achieving over one million transactions and accumulating more than 1.1 million wallet addresses. These figures indicate robust activity on the platform, which suffered a rocky start.
Vladislav Sopov
Dan Burgin