The portal has already seen 8 billion SHIB tokens burnt in 24 hours of launch.
The portal was built in collaboration with the creators of the RYOSHIS VISION token
Photo Credit: Shiba Inu community
Shiba Inu (SHIB) holders can now generate passive income by burning SHIB tokens via a new Shibaswap burn portal that aims to enable members of the SHIB Army to reduce the tokens circulating supply, and ultimately boost its value. While those on the SHIB network have been burning tokens for quite some time, the new, dedicated burn portal gives any SHIB owners with a Web 3 wallet the ability to burn SHIB, and obtain passive income rewards for their burn participation.
The burn portal has been created as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), which is an Ethereum-based decentralised finance (DeFi) project that aims to support the growth of the SHIB eco-system. To honour the partnership, SHIB burners generate passive income in the form of RYOSHI rewards by holding on to a new token called “burntSHIB.”
The Shiba Inu team stated on the portal website that it was created explicitly to increase the scarcity of SHIB and make it “one of the best digital assets in the history of cryptocurrencies.”
Early Monday, the project tweeted that within the first 24 hours of the portal being launched, “over 8 BILLION $SHIB was burned” on the portal. At current conversion rates, that amounts to SHIB worth $181,040 (roughly Rs. 1.4 crore).
Explaining why it decided to launch the SHIB burn portal, the project team noted that it had received numerous calls from the community to create a “systemic method in which scarcity can increase while pushing the potential to grow the community's wealth in their investment.”
“Our hope is that with every burn, the wealth of the community grows, but also by rewarding the effort in the long term to make Shiba Inu one of the best digital assets in the history of cryptocurrencies,” the official burn portal explains.
While the launch of the burning portal is expected to help boost the price of SHIB, it hasn't quite had an immediate impact with the value of Shiba Inu at $0.000024 (roughly Rs. 0.002) at the time of writing, down 5.62 percent in the past 24 hours.
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