Gushiken Yona
The flames of change are rising for the Shiba Inu ecosystem. ShibTorch, the highly anticipated community-driven burn portal, is now live on the Shibarium Layer-2 network.
The interactive dashboard of ShibTorch grants the Shiba Inu community the power to not only track but actively participate in the burning of SHIB tokens.
Every transaction on Shibarium contributes fuel to this fiery initiative. Base fees from Layer 2 transactions are locked into a dedicated burn contract on Shibarium, while priority fees reward network validators. As BONE, the governance token of the Shibaswap and the gas fee token of Shibarium, accumulates within the burn contract, any user can step up and initiate the burn process.
ShibTorch Process
This process facilitated through ShibTorch, is a two-stage affair. It begins on Shibarium, where a predetermined threshold of accumulated BONE (set by administrators) triggers the burn initiation. The BONE is then bridged to the Ethereum mainnet (L1) and swapped for SHIB. Finally, these SHIB tokens are permanently removed from circulation, effectively reducing the overall SHIB supply.
By implementing EIP-1559 features and incorporating ShibTorch, Shibarium’s burn hardfork marks a significant step towards decentralization. The power to influence the SHIB supply, and potentially its value, now rests partially in the hands of the community, fostering a greater sense of ownership and transparency within the ShibArmy.
“ShibTorch stands as our ongoing commitment to our loyal community, empowering every member to actively participate in the burning process,” Dawa, the project’s Lead Designer, exclusively told The Shib Daily. “Together, we reduce the SHIB supply, strengthen our ecosystem, and continue building the future of Shiba Inu.”
ShibTorch: A Step-by-Step Guide
Ready to fan the flames of deflation? Here’s how you can participate in the SHIB burns:
1. Connect and Initiate: Head to the ShibTorch website and connect your wallet. The dashboard will display the accumulated BONE from base fees, along with its corresponding SHIB value (as BONE will be swapped for SHIB). Click “Initiate Burn.”
2. Confirm and Track: Confirm the transaction with your wallet. The ShibTorch dashboard will then display the amount of SHIB to be burned, the block for the burn event, and the transaction hash. Wait for the next checkpoint and click “Continue Burn,” again confirming the action with your wallet.
3. Complete and Verify: Click “Complete Burn.” This is where the BONE-to-SHIB conversion happens, using 70% of the accumulated base fees (the remaining 30% is directed to the treasury). You can view all completed burns at the bottom of the ShibTorch page.
By incorporating EIP-1559 and ShibTorch, Shibarium ushers in a new era of community-driven deflation. The power to influence SHIB’s supply, and potentially its value, now rests partially in the hands of the ShibArmy, promoting greater ownership and transparency within the ecosystem.
Read More
- Shiba Inu Announces Shibarium Hard Fork and Burn Mechanism Ahead of Blockchain Futurist Conference
- Interview- Burning Questions: Mr. Lightspeed Unravels the Token Burning Myth
- Interview- Shibtoshi on Token Burn Implications
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
