Distribution Date For SHIB Burn Portal Rewards Has Been Disclosed

SHIB burn portal rewards also known as Ryoshi vision rewards are finally ready to be distributed to SHIB burners. According to a notice by ShibaSwap DEX, the delayed Ryoshi vision rewards will be distributed in the next 48 to 72 hours, counting down from June 26.

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Subsequently, more updates regarding the release and completion of these rewards issuance will be published by the Shibaswap DEX team.

SHIB Burn Portal Rewards

Did you know that you can earn passive income just by burning SHIB tokens? 

Using the SHIB burn portal, users can burn their SHIB tokens to help reduce the circulating supply of Shiba Inu, while getting RYOSHI Rewards in return.

According to the developers, “This portal has been built to reward $SHIB burners, with a passive income acknowledgement, in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB.”

Read Also: Shibburn: Over 200 Million SHIB Burned in 24 Hours, Burn Rate Surges 162% over the Last Day

To note, the SHIB burn portal was built by ShibaSwap DEX in collaboration with the creators of Ryoshis Vision and launched in April 2022.

Ryoshi vision is an ERC-20 token, focused on growing the Shiba Inu ecosystem by introducing actions that can possibly shoot the price of SHIB.

As aforementioned, the SHIB burn portal is designed to reward users for burning SHIB tokens. To burn, tokens are sent to a burn address (a certain wallet where transferred-in tokens cannot be retrieved). SHIB tokens sent to the burn address are called $burntSHIB.

More so, it is worthy of note that;

“The portal has been constructed with a fully flexible, and extensible system, inviting all tokens that want to offer rewards to those who choose to burn their $SHIB tokens.

In other words, any project can use the Shiba Burn Smart Contract in order to create a “BURN Pool” and to offer rewards for burning $SHIB tokens.”

See Also: Shiba Inu (SHIB) Supported as Cardenas Markets Welcomes Crypto ATMs

Shiba Inu Burn Rate Surges

Following the launch of the SHIB burn portal on April 23, the circulating supply of the dog-themed memecoin has been reduced drastically. 

Recently, the Shib burn rate has continued to spike. In May 2022, a record was set by the Shiba Inu community as they jointly burned a total of 31.05 billion SHIB tokens via 1331 separate transactions. On June 21, over 200 million SHIB tokens were burned in just 24 hours.

On the whole, burning aims to give Shiba Inu some level of scarcity. While scarcity could bring about an increase in the price of crypto tokens, it is not always guaranteed.

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