Crypto payment gateway NOWPayments has announced an optional SHIB and LEASH burning mechanism for merchants using its services.
The SHIB burn mechanism will allow merchants to select which part of their profits they would want to send to the dead wallet. This should improve and make easier the burning process for those businesses intending to burn Shiba Inu Coin and LEASH.
Planet Crypto spoke to NOWPayments ahead of the announcement to find out more.
NOWPayments Announces SHIB Burn Mechanics
"We decided to add an optional SHIB burn for merchants because we believe in SHIBlosophy & the burn is the crucial part of it," NOWPayments said. "Burning even a small sum contributes to incremental deflation and potential price growth. So it’s no wonder that we want our merchants to be a part of it, so each business owner feels like they belong to the SHIBArmy, they feel like a part of it."
This burn feature lets merchants keep track of the amount of SHIB and LEASH they would like to burn, starting from 0.1% of the profit. This feature appears on merchants’ dashboards, allowing for in-house easy access. It also encouraged merchants to share news about their burns on social media for increased visibility.
The payment gateway plans to upgrade the burn feature in the future to automate these burns, rather than requiring direct burning by merchants.“We want it to be an automated process, so it becomes smoother and even easier for the SHIB & LEASH merchants,” it said. “Stay tuned for what comes next!”
Another major aspect of the NOWPayments announcement is that it will allow LEASH burning, too. "We love and respect the Shiba Inu ecosystem in its entirety, that’s why we are offering the option to burn two Shiba Inu cryptos — SHIB & LEASH," it said. The company also confirmed it hopes to add BONE to this optional burn mechanic in the future.
The company decided to make the burn optional as it wants to "stay true to what crypto-community values the most — freedom of choice."
NOWPayments itself continues to burn 3% of its profit for SHIB, having destroyed SHIB twice in December 2021. Another burn will come soon, according to the company.
How To Burn SHIB With NOWPayments
To burn SHIB and LEASH through this method, merchants should:
• Go to the Store setting and select the Burn SHIB & LEASH option.
• Enter in the percentage of profits you want to burn, and press save.
• After receiving payments, select the Get Burning Stats button to download a .CSV with the amount to send to a dead wallet.
Customers of the merchants will also receive a note on their invoice showing what percentage of their payment will be burned.
NOWPayments also encouraged its merchants to share their transaction hashes with them, so they can highlight them online. "We want to support our partnerSHIB as much as we can and bring more visibility to our merchants," it said.