2023-10-27 19:00 |
A prominent Shiba Inu team member has come forward to shed light on the proper processes involved in burning the SHIB token.
Shiba Inu Burn Process DemystifiedIn a brief X (formerly Twitter) post on Thursday, Lucie, a popular Shiba Inu marketer provided a detailed guideline on how SHIB users and investors should burn their SHIB tokens.
Lucie stated that before sending the SHIB token into a dead wallet, users should bridge the SHIB token back to the Ethereum network first.
“To ensure the proper process, if you are a part of the Shibarium project and wish to burn Shib, please make sure to bridge your Shib back to the Ethereum network and then send it to the dead wallet,” Lucie stated.
She stressed the importance of this initial step, stating that bridging the SHIB token first on Ethereum before burning it on Shibarium, allows the original SHIB to be locked in the bridge contract while a minted version of the SHIB token is sent to Shibarium to be burnt.
“When you initially bridge your SHIB to Shibarium, the original Shib tokens are locked in the bridge contract, while a version of the token is minted on Shibarium. This means that when you decide to burn your Shib on Shibarium, you are actually burning the minted version, while the original tokens remain locked in the bridge contract,” Lucie explained.
Presently, Shib burn rates have been increasing as the Shibarium layer 2 network keeps growing. According to Shibburn, Shib burn rates are up 193.46% in the last 24 hours and continue to rise. There have also been approximately 56,436,887 SHIB tokens burned at the time of writing.
Shibarium Surges 493% In TransactionsShibarium, an Ethereum Layer 2 blockchain network for Shiba Inu, has recently experienced a staggering increase in transactions.
The Shibarium network recorded a 493% upsurge in transactions sometime on October 26. A prominent SHIB X account, Kuro SHIBArmy JPN also shared a chart of Shibarium’s daily transactions hitting a 62,560 mark on Thursday.
“Shibarium Daily transactions are on the rise! This is just the beginning,” Kuro SHIBArmy JPN stated.
Presently, the total number of transactions on the Shibarium network is approximately 3,665,371 and the active wallet addresses on the layer 2 network are over 1,2656,600. The daily transactions on Shibarium have also hit approximately 13,550.
The Shib community members are currently celebrating the recent milestones achieved by Shibarium which emphasize the strength of the growing network and its widespread adoption.
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