The leader of the Shiba Inu project, Shytoshi Kusama, recently responded to inquiries about the platform’s emphasis on “burning” tokens, or essentially destroying some of them in order to reduce supply and maybe increase value.
According to Shytoshi, while burns have their place, the Shibarium chain, which serves Kusama’s community, needs to be adopted more widely if it is to succeed. According to reports, “burn portal” is being developed to make these processes easier for users.
Past token burns
According to the documents that were re-released in March, Shibarium’s new interface will allow users to initiate a token “burn” process when conducting transactions, with 70% of the base amount going towards burning and 30% going towards community maintenance. The burn process starts once $25,000 worth of BONE tokens have accumulated in a dedicated contract, ultimately removing SHIB tokens from circulation and adding to the deflationary mechanics of the currency.
However, Kusama emphasises that there should be other considerations in addition to token burning. According to him, projects built on the Shibarium chain have the most potential for expansion because they will be more widely adopted. This mindset is shared by the larger crypto community, as adoption is frequently recognized as a key factor in the long-term success of any cryptocurrency.
Adoption benchmarks
Shibarium platform, however, recently achieved significant milestones by surpassing over a million transactions and gathering more than 1.1 million wallet addresses. These numbers demonstrate vigorous use of the platform, which had a bumpy start.
