Shiba Inu Reveals Shib Torch for Automatic Shib Burn on Shibarium

• Shiba Inu released ShibTorch, a burn gateway that depletes SHIB supplies.
• ShibTorch incorporates EIP-1559 features to manage transaction fees and trigger burns.

The long-awaited ShibTorch burn portal has been opened to the public on Shibarium, marking a huge milestone for the Shiba Inu ecosystem. ShibTorch, which was announced on Shibarium’s official X account, is currently online and promises to regulate SHIB’s circulating supply through community-driven burns.

ShibTorch is designed to burn SHIB from each Shibarium transaction, reducing the token’s overall quantity. The portal includes an interactive dashboard that allows users to monitor and engage in SHIB burning.

Shiba Torch a Game Changer for SHIB’s Supply

The newly launched portal includes EIP-1559 components that were implemented to improve charge predictability and efficiency. In this method, transaction fees are divided into base and priority fees, with the base charge locked into the burn contract and the priority fee distributed to validators.

A burn can be initiated by users once 100 BONE tokens are accumulated in the burn contract. After being moved to the Ethereum mainnet, these BONE tokens are changed to SHIB and burned. ShibTorch has burned 3.26 million SHIB tokens as of the time of writing.

The launch came following a big hard fork in Shibarium that improved the protocol to v1.1.2-bone and prepared the way for the introduction of the ShibTorch portal. ShibTorch’s release, despite early setbacks, brings in another phase in the evolution of the Shiba Inu burn strategy and the ecosystem as an entire entity.

With its latest steps, Shiba Inu has established a solid position against other meme coins such as Floki and BONK, as well as against Dogecoin (DOGE). Via a collaboration between Visa and Mastercard, the meme coin has also now made BONE and USDC payments possible, increasing its marketability.

This new feature sets Shiba Inu for long-term deflationary growth, which may increase investor interest in the coin.

The post Shiba Inu Reveals Shib Torch for Automatic Shib Burn on Shibarium appeared first on Live Bitcoin News.