Shiba Inu (SHIB) has an interesting burning mechanism, so let's have a quick look at how it works.
Shiba Inu has an interesting burning mechanism, so let’s have a quick look at how it works.
That’s why it’s important to fully understand how a project’s tokenomics, particularly associated with token burns, will affect its supply-and-demand dynamics and what it actually means. With Shiba Inu becoming one of the most popular ecosystems in the industry, with millions of holders and community members, the following piece is aimed at demystifying some of the technicalities behind it.
In a bid to offload some of it and reduce the supply, the original Shiba Inu team sent half of it to Vitalik Buterin’s address. This was one of the first instances when a project has done something of this kind and it turned out to be a very good strategic move. 90% of it, worth around $7 billion at the time, and sent the rest to a charity related to COVID in India.The burning mechanism introduced by Shiba Inu’s team is briefly mentioned on their. Technically, it seems to be a more complicated process, and besides manual burns, it also comes with an automated component based on the performance of Shibarium – the recently released layer-two network.
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