Shiba Inu community has been anticipating the launch of the SHIB burn portal, it’s now officially here, according to the latest announcement.
Shiba Inu team recently took to Twitter to announce the launch of the mechanism that will enable members of the community to burn SHIB tokens seamlessly.
Read Also: How SHIB Burn Portal Could Destroy 111 Trillion Tokens Every Year –Shiba Inu Team Member Explains
Shiba Inu team tweeted, “We are excited to announce the launch of the SHIB burn portal. Burn SHIB to generate passive income!”
We are excited to announce the launch of the SHIB burn portal.
Burn $SHIB to generate passive income!https://t.co/jSnPG8B3x7 pic.twitter.com/E2ZYxEyP16
— Shib (@Shibtoken) April 23, 2022
The SHIB burn portal was first teased during the Shiba Inu AMA session conducted in February 2022. The SHIB team, in collaboration with third-party token Ryoshi’s Vision, created the portal to take tons of SHIB tokens out of the circulating supply of 549 trillion permanently.
Read Also: Shiba Inu Development Team Has Started Testing SHIB Burn Portal. Details
The new Shiba burn portal is reportedly hosted on ShibaSwap. According to the report, Ethereum (ETH) holders can also buy and burn SHIB through the portal.
Get Rewards as You Burn SHIB Tokens
According to the report, users that burn SHIB tokens via the Shiba Burn portal will be eligible for Ryoshi rewards based on the percentage of burn pool they hold.
The team stated that it decided to launch the SHIB burn portal to meet the request of the Shiba Inu community. The team says the community “has been quite vocal” about “creating a systematic method in which scarcity can increase while pushing the potential to grow the community’s wealth in their investment.”
Shiba Inu holders believe that the removal of a large percentage of SHIB circulating supply could notably enhance its positive price trend.
Users that burn via the newly launched burn portal will gain passive income rewards, while 0.49% of Ryoshi transactions will return to the holders of $burntSHIB.
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