The Shiba Inu burn portal is now live, offering the ShibArmy a more central area to burn SHIB.
First teased in the February Shiba Inu AMA, the SHIB team, in partnership with third-party token Ryoshi's Vision, created the portal to remove SHIB from the circulating supply of 549 trillion. In early April, members of the Shiba Growth team said the burn portal was in its final stages of development.
Here's a first look at the portal.
Shiba Inu Burn Portal Launches
Hosted on ShibaSwap, the new Shiba Burn Portal lets holders of SHIB send their tokens to a dead wallet address to take it out of circulation. ETH holders can also buy and burn SHIB via the portal.
Shiba Growth member Milkshake first made the announcement on Twitter.
After the burn, burners will be eligible for Ryoshi rewards based on the percentage of the burn pool they hold.
Over 350 million SHIB was destroyed via the burn portal just an hour after its launch.
Explaining the reasoning for creating the portal, the team referenced its community. It said the community "has been quite vocal" regarding "creating a systematic method in which scarcity can increase while pushing the potential to grow the community's wealth in their investment."
By removing SHIB from the supply, holders hope this increased scarcity will eventually drive up the price.
Those who burn SHIB through the portal will also gain their own passive income rewards, too. 0.49% of Ryoshi transactions will go back to the holders of a new $burntSHIB.
Other tokens will also be able to use the Shiba Burn Smart Contract. Using this, they will be able to offer their own rewards to those who burn SHIB.
This comes as other tokens outside of the Shiba ecosystem, such as Shiba Burner, 1Cent, and Eth-Shiba have burned billions in SHIB, albeit to some controversy.
This more centralised burn system could help bring some further transparency to SHIB burns. Members of the SHIB burning community have expressed the need for such transparency to avoid any exploitation by bad actors
Community burns have been a large part of Shiba Inu for the last six months, with the likes of the Bricks Buster mobile app contributing to these burns.