Automated Shiba Inu Burns Kick Off On Shibarium Today
The Shibarium network, a layer-2 solution built on the Shiba Inu blockchain, introduced an automated burn mechanism today. The update will be effective as of block 6,206,570 and was first announced by Lucie, the marketing lead of Shiba Inu, via X: “Starting at block 6206570, the Shibarium network will roll out a long-awaited update: a burn mechanism directly tied to transaction fees.” Shibarium Will Finally Burn Shiba Inu Token Automated According to Lucie’s announcement, the new feature will automatically convert 70% of all base transaction fees collected by the network into SHIB tokens which will then be permanently removed from circulation. “With this update, 70% of all base transaction fees collected on the network will be automatically converted to SHIB tokens and permanently removed from circulation through burning. This deflationary approach is designed to gradually reduce the total supply of SHIB, potentially increasing its value over time,” Lucie revealed. The other 30% of...