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Shibarium Reveals SHIB Burn Mechanism, Thrilling Shiba Inu Community

Sun, 05/21/2023 - 13:12
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Tomiwabold Olajide
Shibarium continues to receive consistent development
Shibarium Reveals SHIB Burn Mechanism, Thrilling Shiba Inu Community
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SHIB BPP, a Shiba Inu influencer, has shared the positive news that a preview of the user interface of the SHIB burn mechanism in Shibarium is now available.

A screenshot of the interface was shared by Twitter user "SHIB INFORMER."

Shibarium continues to receive consistent development while it remains in the beta phase. As U.Today reported, work is ongoing on the Shiba Inu ETH bridge, which would allow assets to flow between the two blockchains.

Shibarium documentation states that when a user completes a transaction on the network, the basic fee is locked on a contract on Shibarium, and the validator receives the priority fee. A total of 30% of this base cost will be set aside for network maintenance, with the remaining 70% being burned.

Users can begin the burn process on Shibarium once a specified amount of BONE has 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 by calling the contract function.

It is similar to a withdrawal transaction in that tokens are burned and subtracted from the available supply rather than being received.

Burning remains a favorite topic of discussion in the Shiba Inu community, which desires the burn to reach trillions.

SHIB burn

The Shiba Inu burn rate has been fluctuating recently, occasionally reaching millions of percent and other times plummeting to the lowest levels.

A measly 575,043 SHIB tokens were burned in a single transaction over the past 24 hours, according to the hourly Shibburn update on Twitter, leaving the daily burn rate at 0%.

However, in the past seven days, 3 billion (3,055,174,242) SHIB had been destroyed, representing a 36.38% decrease in the weekly burn rate.

Shiba Inu (SHIB) Daily Burn Rate Ramps Up With Millions of Tokens Burned

A day before, a total of 3,001,541 SHIB tokens were burned in a single transaction.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.