2023-09-11 11:33:10
Shiba Inu (SHIB) continues to remove a significant number of tokens from its total circulating supply. Another spike in token burning comes following a fairly dull weekend in terms of overall trading volume and market activity. Data from Shibburn – the portal that tracks the tokenomic metrics of the Shiba Inu project – reveals that the amount burned has increased by 333.44% in the last 24 hours alone. According to the platform, this means the permanent withdrawal of approximately 181,859,002 SHIB tokens from circulation. This brings the number of tokens burned from the initial supply to 410,658,788,885,164 SHIB. The remaining circulating supply is 589,341,211,114,935 SHIB, of which approximately 9,800,789,784,799 are currently staked. This is also known as xSHIB tokens. The Shibarium Layer 2 solution is already working The increase in burning occurs weeks following the launch of the long-awaited Shibarium. Shibarium is a Layer 2 network that has been highly anticipated by the entire Shiba Inu community. Shibarium is built on the Ethereum blockchain. By handling transactions outside of Ethereum’s main chain, Shibarium significantly reduces the load on the network, resulting in faster transaction times and lower fees. Shibarium aims to take some of the computing activities off-chain, just like other notable Layer 2 solutions. With this, it aims to reduce the load on Ethereum’s mainnet caused by transactions. In the new blockchain, the designated gas fee will be paid in BONE, and twenty million BONE tokens will be set aside as incentives for validators and delegators within the Shibarium ecosystem. Shibarium will work with the Heimdall Validator and the Bor block generator node. While Bor will be fully compatible with the Ethereum Virtual Machine (EVM), Heimdall will be built on the Tendermint consensus engine. Within the Shibarium network, users must lock 10,000 BONE tokens to qualify as a validator. For those who want to support the network without participating in the operation of the nodes, they will have the option to delegate their tokens. The ecosystem also extends its support to new projects through launchpads. Both Dogpad represented by the $DOGPAD token and ShibPad using $SHIBP serve as launchpad platforms, helping projects gain traction and visibility. A diverse selection of decentralized applications (dApps) also enriches the Shibarium ecosystem. Powered by the $CHOMP token, Shib Chomp offers secure storage solutions. Powered by the $TREAT stablecoin governance token, Treat enhances stability and governance. With the $PRO token, Prodigy introduces a sniper bot for efficient trading. The Shibarium Name Service ($SNS) simplifies addresses similarly to the Ethereum Name Service (ENS).
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