- Shiba development team shares important burn portal updates as the burn portal becomes part of ShibaSwap.
- An anonymous wallet burns nearly 136 million SHIB tokens at once; SHIB tokens supply circulation shrinks by 154 million in 24 hours.
In a new blog post, Shiba’s development teams appreciated the ShibArmy community’s support and suggestions regarding the SHIB burn portal. The team also apologized to the community for the delay in the availability of many projects. The group further explained that it combines various tasks to ensure that SHIB remains competitive.
Burn portal update
Months after SHIB founder, Ryoshi, announced that a SHIB burn portal was in the works, the SHIB development team released a blog post detailing how to fix an array of pending rewards. The primary aim of the burn portal was to reduce SHIB’s token supply circulation. However, a reward system was in place for those who burned their SHIB tokens.
Unfortunately, the portal was deploying rewards for those token burns effectively. The SHIB development explained why it took some time to rectify the missing rewards. According to them, they reached out to the Ryoshi Vision developers (the original creators of the burn portal) but didn’t receive any response.
Thus, the team announced that it would be separating from any joint effort or platform that requires input or reliance on the Ryoshi Vision regarding the reward system. The SHIB development team added that this step would help protect the integrity of the ShibArmy community.
The team also said that the blog post is the official announcement that ends a burn portal initially developed by the Ryoshi Vision leadership. More importantly, it allows them to progress separately and control the Shiba Inu platform completely. The team reminded the community that Ryoshi Vision was never a part of the Shiba Inu ecosystem. Instead, it was an independent project to honor SHIB founder, Ryoshi and the network’s community.
Moving forward
The SHIB team further announced that it will now be hosting the burn portal as part of the ShibaSwap and would be maintained its internal development team. Also, the team would develop new burn utility mechanics like the forthcoming Shibarium protocol. The group would provide regular updates regarding these portal transitions to the community within the next few weeks.
The SHIB team also requested suggestions from the community regarding the best ways to reward burn portal users. The team further reiterated its commitment to ensuring that it achieves the goal of making Shiba Inu the best-decentralized platform in the space. Meanwhile, the Shibburn Twitter page revealed that there had been five SHIB token burn transactions in the last 24 hours, with over 154 million SHIB tokens burned within this period.
In the past 24 hours, there have been a total of 154,899,021 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) October 12, 2022
Shibburn also tweeted that an unknown wallet burned 135.89 million SHIB tokens in one transaction in the last 24 hours. Thus, explaining why SHIB’s burn rate soared by more than 425 percent during this period. Nevertheless, SHIB remains one of the most purchased tokens by Ethereum whales.
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