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Shytoshi Kusama confirms Shibarium burn portal in development

JasperArt 2023 09 05 19.30.50 upscaled

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In this post:

  • Shytoshi Kusama confirms the development of a Burn Portal for Shibarium, an Ethereum-based layer-2 protocol.
  • Kusama emphasizes that while the burn portal is important, the main goal is to increase Shibarium’s adoption and usage.
  • The news has positively impacted Shiba Inu’s market performance, with a 0.79% price increase and a 2.33% rise in trading volume.

Shiba Inu’s lead developer, Shytoshi Kusama, has confirmed the ongoing work on a Burn Portal for Shibarium. This Ethereum-based layer-2 protocol is part of the Shiba Inu ecosystem. The news comes as Shibarium continues to make strides following its relaunch after an initial failed attempt in August.

Lucie, the Marketing Strategist for the Shiba Inu ecosystem, shared this information. She included a screenshot of Kusama’s response to a community member’s question on Telegram. The query was about the much-anticipated burn portal. Token burning is a crucial aspect of the Shiba Inu protocol. 

Kusama emphasized that while the burn portal is essential, the primary focus remains on increasing Shibarium’s adoption. He believes that both token burning and adoption serve the same purpose but in different ways. The ultimate aim is to ensure robust circulation of SHIB tokens and to reduce their overall supply. This strategy aims to enhance the token’s inherent value over time.

This development is likely to pique the interest of investors and users in the Shiba Inu ecosystem. It comes at a time when Shibarium is capitalizing on its second chance. The protocol has been scaled, and the team is teasing additional updates to improve its functionality. Among these are plans to bring in more validators to secure the ecosystem. There are also plans to revoke the contract address of Bone Shibaswap, the scaling solution’s native token known as BONE.

In the financial markets, the news has already had an impact. The price of Shiba Inu’s token, SHIB, has seen a modest increase of 0.79%. It is currently trading at $0.000007674. The token has a support level of $0.000007435 and faces resistance at $0.000007673. Moreover, trading volume has risen by 2.33%. This uptick suggests that the bullish trend in the Shiba Inu market could persist in the coming hours.

The introduction of the burn portal is expected to complement the series of innovations heading to Shibarium. It aligns with the broader strategy to bolster the protocol’s functionality and security. As Shibarium continues to evolve, these developments could serve as key drivers for its long-term success.

The Shiba Inu ecosystem is buzzing with activity. The lead developer’s confirmation of the burn portal’s development is a significant step. It addresses the community’s curiosity and sets the stage for Shibarium’s future. With a focus on adoption and token burning, the protocol aims to offer a balanced approach to growth. As Shibarium leverages its second chance, it is clear that the team is leaving no stone unturned to ensure its success.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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