Shiba Inu Team Reveals Plans to Automate Shibarium-Powered Burns This Month
According to a blog post from December 2023, the Shiba Inu ecosystem team has announced that Shibarium burns will transition to an automated system by January 2024.
The team behind the Shiba Inu ecosystem confirmed in a blog post that they will automate Shibarium-powered SHIB burns starting this month. The post outlined that the burns will be executed in two phases: manual and automatic.
Last month, the team began the manual burns, sending 8.24 billion SHIB tokens to a dead wallet. Within 18 days, they conducted three additional manual burns, totaling 33.8 billion SHIB burned.
Now, the Shibarium burn mechanism will evolve into an automated system based on predefined rules. The burn mechanism will use a part of the network’s gas fees to buy and burn SHIB. The network will reserve 70% of the base fee to convert BONE tokens into SHIB and send them to a dead wallet once the burn contract reaches $25,000 in BONE.
It is important to note that the number of tokens burned on Shibarium will depend on the SHIB price. The previous manual burns exceeded the $25,000 threshold, resulting in a large number of tokens burned in each transaction.
With the automation of the burn system, the amount of SHIB burned in each incineration will be smaller but occur more frequently. The goal is to significantly reduce the token’s circulating supply, which currently stands at over 410.69 trillion SHIB burned so far.
Overall, the transition to an automated burn system powered by Shibarium will optimize the token burn process for the Shiba Inu ecosystem.