Shytoshi Kusama, the lead developer of Shiba Inu SHIB/USD, on Monday, confirmed the ongoing development of the Burn Portal for the Shibarium protocol.
What Happened: Lucie, the Marketing Strategist of the Shiba Inu ecosystem on X, shared a screenshot of Kusama’s response to a community member’s question on Telegram regarding the burn portal.
Kusama acknowledged the significance of the burn portal, stating that it is currently in progress. However, he emphasized that the primary focus of the Shibarium team is to drive the adoption and usage of the Shibarium protocol.
"So let me say this, burns will not and are not the end all be all, we absolutely must increase adoption but burn portal is in the works," Kusama wrote in the Telegram channel.
Burning tokens refers to the process of permanently removing cryptocurrency tokens from circulation. It is often done to decrease the total supply of tokens, leading to potential scarcity and an increase in value.
Burning tokens can be a strategic move by projects to create a deflationary mechanism or drive up the demand for their tokens.
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Why It Matters: In the last 24 hours alone, over 9.2 million SHIB tokens were burnt and permanently removed from circulation, as per data from Shibburn.
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