Every Transaction to Burn Shiba Inu as Long Awaited SHIB Burn Portal Goes Live

In a startling development, the team behind the Shiba Inu ecosystem has finally launched the long-awaited SHIB burn portal on Shibarium. 

The team announced the development yesterday through Shibarium’s official X handle, emphasizing that the community-driven burn portal is now operational. 

Dubbed ShibTorch, the portal is designed to burn SHIB from every transaction initiated on Shibarium, potentially reducing Shiba Inu’s circulating supply. It bears mentioning that ShibTorch functions as an interactive dashboard where the community can monitor and participate in SHIB burns. 

ShibTorch Implements EIP-1559 

In a follow-up blog post, Shiba Inu provided insight into the newly introduced ShibTorch portal. The blog post highlighted the reasons behind burning SHIB, which include inflation control, supply reduction, and incentivizing holders. 

It explained that ShibTorch is equipped with EIP-1559 features. According to the blog post, the EIP-1559 upgrade, introduced on August 5, 2021, improved fee predictability and introduced two fee structures- priority and base fees. 

The Base fee is the minimum gas required for processing transactions, adjusted based on network congestion. On the other hand, the priority fee represents tip users pay miners to prioritize their transactions. 

Process of Burning SHIB on ShibTorch

With the implementation of EIP-1559 features on ShibTorch, users’ fees on Shibarium are also divided into base and priority fees. The base fee is automatically locked in the burn contract, while the priority fee is directed to validators. 

Any user can initiate the burn when 100 BONE tokens are accumulated from the transaction fees in the burn contract. The accumulated BONE is transferred to the Ethereum mainnet, exchanged for SHIB, and then those tokens are burned, thus reducing the total supply.

The portal has already burned 3,263,580 (3.26 million) SHIB tokens at press time. 

Meanwhile, the Shiba Inu team has been working relentlessly to introduce the highly anticipated burn portal on the Shibarium mainnet. In January 2024, the protocol launched on the testnet version of Shibarium, Puppynet. Despite launching on Puppynet in January, the portal still faced significant delays before going live on the mainnet. 

The ShibTorch mainnet launch comes over a week after Shibarium completed a major hard fork. Following the hard fork, Shibarium received a new Bor version, v1.1.2-bone. This upgrade introduced a burn mechanism on Shibarium, paving the way for the highly anticipated ShibTorch portal.